FOR THE YEAR ENDED 31 MARCH 2026
PEOPLE GROUP OPERATIONS LIMITED
COMPANY INFORMATION
PEOPLE GROUP OPERATIONS LIMITED
CONTENTS
PEOPLE GROUP OPERATIONS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
People Group Operations is a market leading UK payroll solutions provider. The Group (comprising the Company and its subsidiaries) specialises in providing a range of payroll services to the contingent workforce industry via a portfolio of specialist products that are transparent to both agencies and contractors and fully compliant with both the letter and intent of HMRC laws and regulations. The products enable contractors to be paid in a timely and efficient manner while also providing peace of mind for both agencies and contractors that they are fully tax compliant.
The Group offers a variety of different products to the contingent workforce sector, including payroll, compliance and workforce management, all backed by industry leading technology.
The Group remains positively placed to provide the respective Group companies with the necessary tools to not only meet the future challenges of the industry, but also to take full advantage of the opportunities now presenting themselves following legislative changes from April 2026.
The Group offers a variety of different products to the contingent workforce sector, including payroll, compliance and workforce management, all backed by industry leading technology.
The Group remains positively placed to provide the respective Group companies with the necessary tools to not only meet the future challenges of the industry, but also to take full advantage of the opportunities now presenting themselves following legislative changes from April 2026.
During the year, the Group achieved turnover of £55,258,837 (2025: £56,987,061) and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of £51,733 (2025: £182,895).
The reduction in turnover in comparison to the prior year is predominantly due to a reduction in the number of payslips processed. The Group has been impacted by the increase in employers national insurance tax, and resultantly gross margin per unit fell. However, mitigating factors exist, and the Group has had a corresponding reduction in overhead costs, and on this basis, the directors remain confident that the Group will be operationally profitable in the coming year.
The Balance Sheet as at 31 March 2026 showed Total Net Liabilities of £654,825. The directors expect the Group to return to a net asset position in the coming years following a return to operational profitability.
The reduction in turnover in comparison to the prior year is predominantly due to a reduction in the number of payslips processed. The Group has been impacted by the increase in employers national insurance tax, and resultantly gross margin per unit fell. However, mitigating factors exist, and the Group has had a corresponding reduction in overhead costs, and on this basis, the directors remain confident that the Group will be operationally profitable in the coming year.
The Balance Sheet as at 31 March 2026 showed Total Net Liabilities of £654,825. The directors expect the Group to return to a net asset position in the coming years following a return to operational profitability.
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PEOPLE GROUP OPERATIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole and having regard (amongst other matters) to factors (a) to (f) S172 Companies Act 2006, in the decisions taken during the year ended 31 March 2026. Specifically, the Board ensure in all decisions taken that:
∙Business is conducted morally and ethically, in line with the Company and Group's Code of Conduct.
∙Short-term gains do not have an adverse consequence on the Company and Group's long-term strategy, success and benefits.
∙Employee welfare, training and interests are taken care of.
∙Customer and supplier relationships are strong, mutually beneficial and comply with the Company and Group's policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility).
∙Any community and environmental impacts as a result of the Company and Group's operations are considered.
This report was approved by the board and signed on its behalf.
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PEOPLE GROUP OPERATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their report and the financial statements for the year ended 31 March 2026.
The loss for the year, after taxation, amounted to £251,518 (2025: loss £107,989).
No dividends were paid during the year.
The Directors who served during the year were:
GOING CONCERN
During the year ended 31 March 2026 the Group made a loss before tax of £196,589 and as at 31 March 2026 had net liabilities of £654,825. Since the year-end, the Group has traded satisfactorily with Group sales performing to forecasted levels and the Company remains on target to deliver at indicated performance levels. The Company continues to be reliant on the ongoing support of its fellow group companies, and in turn its funders and shareholders.
Having regard to the financial statements contained herein the directors have considered the financial position of the Group since the balance sheet date up to and including the date of the signing of the Financial Statements and the Directors Report.
During the year ended 31 March 2026 the Group made a loss before tax of £196,589 and as at 31 March 2026 had net liabilities of £654,825. Since the year-end, the Group has traded satisfactorily with Group sales performing to forecasted levels and the Company remains on target to deliver at indicated performance levels. The Company continues to be reliant on the ongoing support of its fellow group companies, and in turn its funders and shareholders.
Having regard to the financial statements contained herein the directors have considered the financial position of the Group since the balance sheet date up to and including the date of the signing of the Financial Statements and the Directors Report.
The directors have prepared cashflow forecasts, as well as budgeted trading and profit & loss figures for the same period, which have been prudently prepared. These forecasts demonstrate that the Group will retain an ability to successfully manage cash flows and discharge all liabilities when due over the next 12 months. Should any additional funding be required the directors are confident any requirements for additional funding will be met by the support from the shareholder and the Group's funders.
In addition to the above, the Group has entered into a legally binding agreement whereby each “Group” company agrees to financially support and not withdraw funding to fellow group companies. This confirms support to all group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as well as the Group as a whole. In addition management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such, the Directors consider it appropriate to prepare the accounts on the going concern basis.
The Group continues to invest in new technology and product development. This includes ongoing re-modelling of products.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.
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PEOPLE GROUP OPERATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Group also places considerable value on the relationship it holds with suppliers, customers and other stakeholders.
Our customers are essential to our business and the Group works openly and transparently in fostering long-term customer relationships. Our business decisions and priorities are based on a good understanding of our customers and their requirements. We hold regular meetings with most of our customers at all levels within the business including the supply chain and commercial teams. Directors are involved in many of these meetings as and when required.
The Group fosters open and transparent dialogue with the regulatory and industry bodies relevant to the group’s business operations and products it produces. This also applies in its relationship with other key stakeholders such as its bankers, other funders, and external advisors.
Our customers are essential to our business and the Group works openly and transparently in fostering long-term customer relationships. Our business decisions and priorities are based on a good understanding of our customers and their requirements. We hold regular meetings with most of our customers at all levels within the business including the supply chain and commercial teams. Directors are involved in many of these meetings as and when required.
The Group fosters open and transparent dialogue with the regulatory and industry bodies relevant to the group’s business operations and products it produces. This also applies in its relationship with other key stakeholders such as its bankers, other funders, and external advisors.
The Group recognises the need to act responsibly to reduce greenhouse gases and other emissions both directly in its own consumption and indirectly by influencing its suppliers and customers to reduce their emissions.
There have been several actions that have been pursued over the past 24 months which include:
• Reduced usage of printing and paper
• Reduction of business travel
• Use of energy efficient appliances and lighting
• Business Travel limited to essential matters only
• Increasing Staff awareness
• Reduced usage of printing and paper
• Reduction of business travel
• Use of energy efficient appliances and lighting
• Business Travel limited to essential matters only
• Increasing Staff awareness
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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PEOPLE GROUP OPERATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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PEOPLE GROUP OPERATIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PEOPLE GROUP OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE GROUP OPERATIONS LIMITED
We have audited the financial statements of People Group Operations Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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PEOPLE GROUP OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE GROUP OPERATIONS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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PEOPLE GROUP OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE GROUP OPERATIONS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
∙We have considered the nature of the industry and sector, control environment, and business performance;
∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
∙For any matters identified we have considered the Group's policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively.
As a result of these procedures, we have considered the opportunities and incentives that may exist within an organisation for fraud and identified the highest risk area to be in relation to revenue recognition, with a particular risk in relation to year end cut-off.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the year
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PEOPLE GROUP OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE GROUP OPERATIONS LIMITED (CONTINUED)
end cut off; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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PEOPLE GROUP OPERATIONS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
REGISTERED NUMBER:11205253
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 34 form part of these financial statements.
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PEOPLE GROUP OPERATIONS LIMITED
REGISTERED NUMBER:11205253
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 34 form part of these financial statements.
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PEOPLE GROUP OPERATIONS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
People Group Operations Limited is a company limited by shares, incorporated in England and Wales. The registered office is People Group House, Three Horseshoes Walk, Warminster, England, BA12 9BT.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Having regard to the financial statements contained herein the directors have considered the financial position of the Company and performance post year-end.
Management have prepared cashflow forecasts as well as budgeted trading and profit & loss figures , which have been prudently prepared. These forecasts demonstrate that the Group will retain an ability to successfully manage cash flows and discharge all liabilities as they fall due, for a minimum period of at least 12 months from signing of these financial statements. Whilst the directors do not anticipate any need for further funding, if any funding was required the directors are confident any requirements for additional funding will be met by the support from the shareholder and the Group's funders.
In addition to the above, the Group has entered into a legally binding agreement whereby each Group company agrees to financially support and not withdraw funding to fellow Group companies. This confirms support to all Group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as the Group as a whole. In addition, management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such the directors consider it appropriate to prepare the accounts on the going concern basis.
In addition to the above, the Group has entered into a legally binding agreement whereby each Group company agrees to financially support and not withdraw funding to fellow Group companies. This confirms support to all Group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as the Group as a whole. In addition, management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such the directors consider it appropriate to prepare the accounts on the going concern basis.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Trade debt provision
Management have considered risk of bad debts, and review debtor recovery positions monthly, any suspected bad debts based upon client knowledge and historical outcomes are provided for immediately.
Recoverability of intercompany debt
Management have assessed the recoverability of intercompany debt, taking into account the financial position of the counterparties and the fact that all balances are with entities wholly owned by People Group Operations Limited. This assessment includes consideration of the ability of each entity to continue as a going concern and the availability of group support where required (see note 2.3). Based on this assessment, management consider the intercompany balances to be recoverable.
Amortisation of goodwill
Management have considered the period over which goodwill that arose on acquisition of its subsidiaries will provide a benefit to the group. Amortisation will be charged straight line on this basis in addition to a regular review for impairment.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 31
PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 32
PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Profit and loss account
Page 33
PEOPLE GROUP OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Group operates a defined contribution 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 £934,785 (2025: £938,785). Contributions totalling £159,374 (2025: £174,369) were payable to the fund at the reporting date and are included in 'Other Creditors'.
The Company does not operate a defined contribution pension scheme.
The Company does not operate a defined contribution pension scheme.
The ultimate controlling party is T Hillier by virtue of his majority shareholding.
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