The directors present the strategic report for the period ended 1 February 2026.
The directors are pleased to report a strong period of performance for the business. The financial year marked a significant milestone in the group’s development, with sustained growth in the managed services business, Mach Recruitment, the launch of two new businesses, (JDR Recruitment and Turbo Driving Recruitment), and the acquisition of Core Corporate Services. Since the year end, the Group has also completed a further 22.5% acquisition in ISQ Recruitment, increasing its ownership to 32.5%. The profit for the period reflects the strategic start-up investment required to establish and resource these businesses for future growth.
Strategically, the Group has made substantial progress towards becoming a multi-disciplinary recruitment business, with new income streams and access to a broader mix of lower-volume, higher-margin accounts. The Group remains active in pursuing further acquisition opportunities, while also resourcing and attracting skilled leaders and teams to establish additional start-ups in complementary sectors. During the year, the Group further strengthened its executive leadership team through the internal promotion of Jonathan Foster to Chief Financial Officer, reflecting the ongoing investment in financial leadership to support the Group's growth strategy. Ongoing investment in back-office support functions strengthens the Group’s ability to roll out this strategy and enhances its appeal to those looking to join the business. Across all operations, each business remains fully PAYE compliant, supported by in-house payroll services.
Under the leadership of our Group Commercial Director, Barry O'Shea, the Group is already benefiting from numerous cross-selling opportunities, supported by strong existing customer relationships and a wider geographical branch footprint. This overarching presence provides greater flexibility to supply customers regionally and to develop further opportunities across clerical, administrative and other support sectors. The introduction of a dedicated driving offer also addresses long-standing demand from several of the Group’s larger managed services customers. In the current financial year, Group turnover is forecast to exceed £300m.
Mach Recruitment ‘Mach’ (Managed Services)
Building on very strong relationships with major existing customers, and following successful wins with new automotive, food and logistics customers with significant growth potential, volumes are increasing consistently. In the second half of the current financial year, the rate of growth is expected to exceed 10%, creating a strong platform for further growth in subsequent financial periods. Mach continues to operate in a highly competitive market, with margins kept under constant review. Against a backdrop of government policy changes relating to the national minimum wage and employment rights, together with persistent inflationary pressures, the Group remains firmly focused on disciplined cost control to meet these challenges.
JDR Recruitment ‘JDR’ (Branch Network)
The Group was delighted to welcome Darren Roscoe as Managing Director of JDR. Darren brings over 30 years of recruitment experience across IT, commercial and blue-collar sectors, with extensive senior leadership expertise that is well aligned to the JDR brand and its growth ambitions. The business strategy is centred on delivering a values-based recruitment approach, combining technology-enabled recruitment with a strong local branch presence. JDR focuses on building long-term client partnerships through industry-specialised teams, providing tailored recruitment solutions backed by deep local market knowledge.
Growth has been strong and in line with the expectations and plans established in early 2025. JDR now operates from 12 sites, supported by more than 40 consultants. In the current financial year, annual turnover is expected to exceed £25 million, with the business also anticipated to achieve profitability. Looking ahead, further significant growth is supported by the award of new contracts and the acquisition of new customers.
Turbo Driving Recruitment ‘Turbo’ (Driving)
The Group was delighted to welcome Natalie Markey as Managing Director of Turbo Driving. Natalie brings a wealth of senior management experience in recruitment, with expertise in the driving and logistics sector. She has a strong track record of building high-performing teams, and developing long-term customer relationships, underpinned by a deep understanding of the sector's compliance requirements and competitive landscape. The business strategy is focused on providing specialist recruitment and workforce solutions to the driving and logistics sector, combining deep industry expertise, bespoke staffing solutions and technology-enabled delivery to support customers with compliant, high-quality recruitment. Strong growth has again been delivered against the plans established in early 2025. Annual turnover in the current financial year is expected to approach £10 million, and with significant new business secured from managed services customers, the business has the potential to double in scale.
Core Corporate Services ‘Core’ (Training)
Under the ongoing leadership of Maria O’Shea, the Group is further developing its training offer for both in-house and external clients. The rapidly expanding customer base across the Group presents significant opportunities, and additional resourcing is planned within Core to support the marketing and delivery of this service.
Overall, the Directors believe the Group is exceptionally well positioned for the future. The combination of established customer relationships, a broader service offering, experienced leadership, disciplined investment and a clear acquisition strategy provides a strong platform for sustainable growth. While the market remains competitive and cost pressures continue, the Group has demonstrated its ability to adapt, invest and deliver. With increasing scale, a more diversified revenue base and significant opportunities across both existing and new customers, the Directors remain confident in the Group’s long-term prospects and its ability to create further value in the years ahead.
Margin erosion
The potential impact is that underlying levels of inflation along with Government increases in National Minimum Wage could lead to the erosion of profit margin in the short to medium term.
The Group will continue to work closely with all its customers to anticipate cost increases and to agree fair and proportionate increases to it's charge rates to mitigate margin erosion.
Competition in the market
The Group operates in a highly competitive market environment and from time to time business is won or re-secured through tender processes.
To mitigate this risk customer care is a top priority and it maintains strong relationships with customers. Investment in people and technology will ensure differentiation from the competitors.
Finance
The relationship with Metro Bank remains very strong, with the partnership and appreciation of the business needs strengthening over time. In response to the continued growth of the business and forecasted new business to come, Metro Bank has committed to both increased funding levels for the peak trading period and also an overall increase to the funding levels throughout the financial year. The facility will be further reviewed within the next 12 months as more growth is anticipated. The Directors are delighted that they believe Metro Bank can partner the business for the foreseeable future.
Payroll and Employment Taxes
The Group has always been fully PAYE compliant in its employment of all of its workers and administers its payroll in house. The Group has never used umbrella or joint employment schemes and this is an underlying value of the business that the Directors are extremely proud of and fully committed to. In the latest financial year, employment taxes totaling £50.29m were paid in full and on time to HMRC. Accordingly, all liabilities are fully disclosed in the accompanying accounts and these liabilities have been fully met since the year end.
The Directors consider the main financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin, operating profit margin and return on capital employed.
Turnover for the period was £253.94m (2025 – £216.26m)
Gross profit margin achieved in the period was 6.72% (2025 – 6.63%)
Overall operating profit before tax was £3.45m (1.36%) (2025 – £4.81m (2.23%)
Return on capital employed has decreased to 17.10% from 30.47% calculated as profit after tax divided by net assets.
The Directors are very satisfied with these ratios and the Group's performance during the period.
Against a backdrop of inflationary pressures and continued increases in national minimum wage, margins are being squeezed but the overall gross margin achievement is pleasing. Cost control continues to remain a strong focus. Administrative costs as a % of turnover increased to 5.35% from 4.41% due to the forementioned margin pressures.
Market conditions and Investments
The Group has continued to deliver new customer contracts in the automotive sector as well as extending and increasing contracts within the logistics and food sectors. The Directors are optimistic for the future and confident of continued sustainable growth.
Having responded promptly and effectively to changing market conditions in the prior period, the Group is now well positioned to build on its strong performance and maintain robust profitability. Management remains confident in the outlook for the Group and will continue to support sustainable growth through a disciplined and proactive approach to cost control.
The Group has reviewed and implemented enhanced forecasting systems to ensure financial performance is monitored effectively. These improvements provide the Group with greater visibility and agility, enabling management to respond promptly to any unforeseen circumstances and helping to protect profitability.
The Group has continued to invest in the latest IT infrastructure, including Artificial Intelligence (AI), to support further efficiencies and enhance the client and candidate experience. Continued investment in staff training, alongside the development of IT infrastructure, is expected to strengthen the Group’s competitive advantage and support future growth.
Strategy and Future Outlook
The Group’s strategy is to continue operating in the agency staff sector for the medium to long term. In the short term current economic conditions will hinder and restrict organic growth and the focus will remain on strong customer relationships and rigorous cost control. Where opportunities are presented to gain new business the dual factors of margin and incremental volume will determine the commercial proposition the business is willing to make. When economic conditions are more favourable with potentially lower inflation and lower interest rates, the Group should see a return to consumer spending driving growth in our sectors and the control measures held in place be set to deliver greater profitability and cash generation.
In line with their duties under S172 of the Companies Act 2006, as part of the Board’s decision-making process, they consider the potential impact of decisions on all relevant stakeholders and the consequences of these decisions in the long term.
The senior management takes a long-term view when making decisions, and the highest standards of conduct in line with the company and group policies and procedures. When executing their duties as group directors they ensure they consider the probable consequences for all stakeholders in the decisions and actions they take. Where possible if decisions affect stakeholders, they are carefully discussed with those affected and therefore fully understood and supported.
The Directors are well informed on the views of the stakeholders and use this information to assess any likely impact of decisions on each stakeholder group as part of their decision-making process. Key stakeholders and how the group engages with them are detailed below.
As one of the largest blue collar recruitment agencies in the UK, the Directors recognise the responsibility the group has in ensuring our customers’, employees’ and suppliers’ needs are met and believes the best way it can satisfy that responsibility is to fill every order in a timely, compliant and cost-effective manner.
The Directors understand the business and the ever-changing markets in which it operates. The strategy set out by the directors is intended to provide success in the long term whilst keeping employee welfare and relationships with its customers as the group's fundamentals in the day-to-day management of business.
The Directors recognise that our people are our most valuable asset, and their collective contributions remain integral to the achievement of our long-term strategic objectives. With approximately 72% of our administrative and managerial workforce in candidate or client facing roles, it is essential that we continue to invest in training, development and retention. To maintain excellence in service delivery, our operational teams have undertaken several internal training programmes with content developed and delivered by industry leaders. These have focused on leadership, people management, and operational governance. The Group is a member of Onvero (UK based Not-for-profit orgnisation focused on workplace diversity, equality, and inclusion (DEI) this membership allows access to professional training and corporate consultancy.
At the end of the financial period, the Group employed 184 colleagues in managerial, supervisory and support roles, representing a 32% increase compared to the previous reporting period. This increase is due to the addition of the new companies JDR Recruitment Limited and Turbo Driving Recruitment Limited into the Group.
The Directors are committed to maintaining an open and inclusive culture where employees’ views are heard and considered. We have continued to improve our internal communication through regular business updates, transparent reporting on market challenges, and open forums for feedback. Employee engagement is not a periodic exercise but a continuous dialogue alongside our wellbeing initiatives which encompass mental health support and professional development which contribute to a resilient, motivated and united work force. We celebrate high performance through weekly and monthly recognition initiatives and acknowledge cultural events throughout the year, fostering an environment in which our people feel heard, supported and empowered to thrive.
Despite ongoing economic uncertainty, demand for semi-skilled and unskilled industrial labour has remained resilient, particularly across our core sectors of logistics, manufacturing and warehousing. This year, our operational priorities have focused on improving candidate retention, optimising recruitment cycles and enhancing overall client satisfaction. The demand for industrial workers particularly in warehousing and food manufacturing shows no signs of slowing. While many clients have implemented automation technologies particularly in warehousing and retail, these advances have largely targeted improvements in customer service rather than replacing the temporary workforce. The flexibility and quality assurance offered by a human workforce continue to drive demand for temporary labour in these sectors.
We do not refer to those we work with as ‘clients’ – they are our partners. We take immense pride in the relationships we have cultivated, founded on mutual respect, transparency, and shared ambition. Our partners are integral to our journey, helping to shape our direction and inspiring our continued innovation. Without our partners we would be unable to achieve the success and drive future growth within our business.
Suppliers
Key commercial suppliers to the Group are technology suppliers, transport providers, leased vehicle suppliers, legal and professional advisors. The Board recognises the company’s relationship with its suppliers is critical and is briefed on feedback where necessary. We work closely with all suppliers to ensure there are clearly defined frameworks for the relationships to operate within, we have multi-year contracts with our key suppliers.
As pioneers in both engagement and technology, we do not merely adopt innovation we help to define it. We are proud to operate with a dedicated in-house Information Technology (I.T.) support team, ensuring seamless day to day operations across the business. Our internal IT function is further strengthened through a strategic I.T. partner, who works alongside us to maintain robust and secure I.T. infrastructure. This partnership ensures our systems are protected, scalable and optimised for performance, whilst enabling rapid response to any I.T. challenges that arise.
This approach gives us a strategic edge, ensuring that our technology evolves in step with the business and remains tightly aligned with our goals.
Government and Regulators
The Group operates within markets which are subject to extensive laws and regulations which continually change and evolve. Regular engagement with legal and professional advisors is undertaken to ensure full compliance with all necessary laws and regulations. The company is a member of a number of trade organisations, through which it engages with government and regulators. The directors continuously monitor the evolving UK government policies and regulatory landscape, with particular focus on employment legislation, agency worker regulations, and compliance requirements specific to the recruitment sector. Upholding full compliance and operating to the highest ethical standards remains fundamental to our business model. We have implemented new systems to monitor risk, deliver targeted training and ensure transparency across all levels of the organisation, delivered by our internal compliance team. The Group is ISO 9001 Certified, this certification aligns with the Group's values of continuous improvement to ensure the management systems consistently strive to meet customer and regulatory requirements.
During the financial year, we have diligently aligned our internal policies and procedures with the latest statutory and regulatory developments. As part of our commitment to responsible recruitment, we maintain strict adherence to all relevant legislation and keep abreast of guidance from key industry bodies such as Recruitment & Employment Confederation (REC), the Association of Labour Providers (ALP) and the Gangmasters & Labour Abuse Authority (GLAA). Additionally, we are proud members of Stronger Together 360 and Unseen UK further demonstrating our dedication to ethical practices and safeguarding against modern slavery and embedding responsible recruitment practices throughout our supply chain.
Our Directors collaborate closely with legal advisors, industry networks and experienced contractors to anticipate regulatory changes and to support our clients and candidates effectively through a dynamic compliance environment. This proactive approach ensures we remain agile, compliant and proactive of all stakeholders’ interests.
Risks induced by climate changes may have future adverse effects on the group's business activities. These risks include transition risks (e.g. regulatory changes and reputational risks) and physical risks (even if the risk of physical damage is low due to the Group activities and geographical locations). How the group operates its businesses may be affected by new regulatory constraints on the CO2 emissions it generates. The company is particularly mindful of its ongoing responsibility to actively minimise the environmental impact of its operations to the greatest possible extent.
Although our environmental footprint is relatively low as a service-based business, we are committed to operating sustainably. We have taken steps to reduce office energy use, encourage digital over paper-based processes, and promote elements of hybrid working to reduce travel-related emissions. We continue to work under ESOS (Energy Savings Opportunity Scheme), and have completed up to Phase 3, which supports a more structured review of our energy consumption and helps identify practical opportunities to improve efficiency, reduce avoidable costs and strengthen our environmental reporting. Participation also supports compliance with applicable energy assessment requirements and provides a clearer basis for setting measurable targets and monitoring progress in the coming year.
For the period ended 1 February 2026, the company has not identified significant risks induced by climate changes that could negatively and materially affect the Group's financial statements.
Community and charitable support
We are committed to making a positive impact in the communities where we operate through charitable giving, employee fundraising and volunteering initiatives. During the year the business proudly partnered with various charities and local community sporting teams. These partnerships reflect our commitment to supporting social causes and fostering genuine collaborations with our community with contributions totalling £170,614.
New business start-ups
The financial statements for the period ended 1 February 2026 include the consolidation of two business start-ups, JDR Recruitment Limited (JDR) and Turbo Driving Recruitment Limited (Turbo). Both businesses have delivered a strong first full year of trading, establishing a solid customer base and demonstrating clear momentum for future growth. They have benefited from the Group’s existing customer relationships while also attracting new customers through their specialist propositions, which sit outside the Group’s established managed service model and broaden the overall range of services offered.
JDR and Turbo provide distinct market offerings that strengthen the Group’s ability to deliver a more rounded and flexible service to customers. Their complementary capabilities enhance the Group’s competitive position, create opportunities to access contracts that may not previously have been available, and support continued diversification and growth across the wider business.
Looking ahead, the Group plans to build on this strong platform by deepening relationships with existing customers, expanding into new customer segments, and increasing cross-selling opportunities across the wider service portfolio. Continued investment in these specialist propositions is expected to support further revenue growth, improve market coverage and strengthen the Group’s ability to respond to evolving customer demand.
On behalf of the board
The directors present their annual report and financial statements for the period ended 1 February 2026.
The results for the period are set out on page 17.
Ordinary dividends were paid amounting to £1,180,000. The directors do not recommend payment of a further dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The objective of the Group is to ensure it meets all financial obligations when they fall due by managing the company’s liquidity risk. The group expects to meet all financial obligations, using the invoice discounting facility and operating cash flows.
The Group is subject to interest rate risk due to its invoice discounting facility, owing to the floating rate within the facility which it uses to finance working capital requirements. The risk refers to the potential impact of changes in interest rates on its financial performance and cash flows.
The interest rates taken are subject to market conditions and change over time. The Bank of England base interest rate was 3.75% at the period end having peaked at 4.75% during the year. There is currently no change to the base rate since period end.
Given the unpredictable nature of interest rate movements and their potential impact on the group’s financial position and performance, the directors closely monitor market conditions and interest rate trends to anticipate potential changes as well as modelling different scenarios of interest rates and their effects on the financial position and performance. This allows the company to evaluate all scenarios.
Customers are offered credit terms to allow them to pay for the services provided at a later date. The risk to the company is non-payment of debts, we seek to minimise this risk by checking the creditworthiness of all customers. This is done prior to supply and at regular intervals during periods of trade. Where feasible credit insurance is obtained to further minimise this risk.
The group has expensed £243k (2025 - £267k) of research and development costs during the period. As set out in the strategy report, the Group is continually looking to develop new technologies to enhance the client and candidate experience.
The Group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, 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 Group's performance.
There is no employee share scheme at present, but the Directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the Group's long term performance.
Details on how the Group has fostered relationships with suppliers, customers and others can be found within the Company’s Section 172 statement in the strategic report on pages 1 to 6.
There have been no significant post balance sheet events that the directors need to highlight and report.
The Group’s future developments are set out in the strategy and future outlook section of the strategic report on pages 1-6 in accordance with the Companies Act 2006 as the directors consider this to be of strategic importance to the company.
The auditor, Saffery LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
The Group’s board is committed to the highest standard of Corporate Governance and believes these high standards are central to the effective management of the Group to maintain the confidence of its members.
For the period ended 1 February 2026, under the Companies (Miscellaneous Reporting) Regulations 2018, the Group has applied the Wates Corporate Governance Principles for Large Private Companies, published by the Financial Reporting Council (FRC) in December 2018, which are available on the FRC website.
The Wates Principles were applied as an appropriate framework when making disclosure regarding corporate governance arrangements. There were no departures from this code.
Purpose and Leadership
The Board determines the long-term direction, strategy and performance of Toryen Investments Limited Group. Considerations include all economic, geographical and environmental factors to ensure appropriate strategy decisions are made.
Our vision is to be the integrated recruitment and training partner of choice in the UK, conducting business with integrity and respect for the interests of our employees, clients, suppliers and wider community.
Board Composition
The size and composition of the Board is considered to be appropriate with all members contributing to a wide variety of experience.
Directors Responsibilities
The core responsibility of the Board is to effectively manage risk, as this is central to achieving the company’s strategic objectives. The Board receives regular reports on business, financial performance, operational KPIs and management of key business risks.
Further details of the directors’ responsibilities are outlined in the Statement of Directors Responsibilities set out on page 12.
Opportunities and Risks
The Board seeks out opportunities while mitigating risk. Operational and safety risks are regularly reviewed by Board members at periodic Board meetings and a risk register is maintained detailing inherent and emerging risks. The Board ensure responsibility is assigned to minimise, mitigate or eliminate that risk, as appropriate. Please refer to the strategic report on pages 1-6 which includes a list of the principal risks including mitigation which are considered most relevant to the company.
Renumeration
The remuneration policy is designed to attract, retain and motivate executives of the highest quality, encouraging them to deliver exceptional business performance aligned with the strategy of the company.
Stakeholder relationships and engagement
Please refer to the S172 statement as set out in the Strategic report for further details of the company’s stakeholder engagement policies on page 4.
These disclosures are made in accordance with Streamlined Energy & Carbon Reporting guidelines.
The methodology used to calculate our emissions is based on guidance issued by the SECR and has been calculated using the revised carbon conversion factors published by BEIS.
The chosen intensity measurement ratio is total emissions in tonnes CO2 per UK full time employee, the recommended ratio for the sector. Temporary employees recharged for trading purposes are excluded from the ration calculation.
The directors acknowledge that we have a responsibility to the environment beyond the legal and regulatory requirements and are committed to reducing the company’s carbon footprint which will include the development, implementation and execution of a company-wide energy reduction programme. Specifically, this will include focus upon energy consumption, employee travel, waste and use of sustainable materials.
On 2 October 2024 Toryen acquired a 10% shareholding in ISQ Recruitment Limited (ISQ). ISQ is a recruitment business based in Norwich focusing on agriculture, manufacturing and engineering sectors. A put and call share purchase option is in place to acquire the remaining 90% of ISQ over the ensuing period of up to 4 years. The Directors welcome Mr Serge Rancans, ISQ Managing Director, to the Toryen Group.
We have audited the financial statements of Toryen Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 1 February 2026 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 period 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operate.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006, UK Tax legislation, UK Pensions legislation and UK employment legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 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 £1,168,500 (2025 - £174,000 profit).
Toryen Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 Carlton Court, Leeds, LS12 6LT.
The group consists of Toryen Investments Limited and all of its subsidiaries.
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 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Toryen Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 1 February 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The Company owns 100% of the ordinary share capital of Core Corporate Services Limited. This entity has not been consolidated as the Directors consider its inclusion to be immaterial to the Group financial statements both individually and in aggregate.
At the time of approving the financial statements, the Directors have prepared and reviewed detailed forecasts covering the period of at least 12 months from the date of approval of these financial statements. These forecasts have been assessed by reference to the Group’s renewed asset-based lending facility with Metro Bank, agreed at the beginning of June 2026, together with expected trading performance, working capital requirements and covenant compliance. The forecasts are based on current market conditions and prudent growth assumptions, and demonstrate that the Group is expected to maintain significant headroom against its borrowing facilities and related covenants throughout the forecast period. The Directors have also performed sensitivity analysis, including downside scenarios reflecting lower levels of trading and reduced covenant headroom, and these indicate that the Group would continue to have adequate resources available to meet its liabilities as they fall due. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from temporary placements, representing fees billed for the services of temporary staff including their costs, is recognised when the service has been provided. Turnover from permanent placements is recognised on the invoice date and invoices are raised on the candidate start date.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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 carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 trade and other 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, 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 that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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 trade and other creditors, bank loans and loans from fellow group companies, 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’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.
There are no revisions to the accounting estimates in this period and management do not believe there to be any significant accounting estimates or judgements applied in the preparation of these financial statements.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 1 February 2026 are as follows:
The subsidiaries JDR Recruitment Limited (registration number 16053803), and Turbo Driving Recruitment Limited (registration number 16053800) both registered in the United Kingdom and included in these financial statements, are exempt from audit under section 479A of the Companies Act 2006.
Details of associates at 1 February 2026 are as follows:
A put and call share purchase option is in place to acquire the remaining 90% of ISQ over the ensuing period of up to 4 years.
The amount included in other loans relating to the Asset Based Lending Facility is secured by fixed and floating charges over the assets of Mach Recruitment Limited and Toryen Investments Limited and against the debtors to which it relates.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
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 remuneration of key management personnel is as follows.
The key management personnel includes the directors of Mach Recruitment Limited.
During the period the group entered into transactions with JCT Properties Limited, The Mailbox Leeds Limited and The Good Food Co (Yorkshire) Limited all companies are related due to Mr T J Zyzak being a director and controlling shareholder. |
The following amounts were outstanding at the reporting end date:
Dividends totalling £1,180,000 (2025 - £180,000) were paid in the period in respect of shares held by the company's directors.
Interest free loans have been granted by the group to its directors as follows: