Registered number: 08607020
AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 JANUARY 2025
CORE PEOPLE LTD
COMPANY INFORMATION
CORE PEOPLE LTD
CONTENTS
CORE PEOPLE LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
Core People Limited is a recruitment company specialising in the construction industry in the UK. The company’s main focus is the supply of temporary labour and permanent placements to our clients. During this financial year the company has reduced its hire of plant equipment/machinery signficantly.
During the financial year, the company has posted a reduced profit in the year as a result of a related company going into administration after the current contracts had been completed. This is expected to be a one-off period as the company reshuffles its existing business and forms new contracts going forward into 2026.
The current economic climate makes up the principal risk and uncertainty for the business. Although inflation is now at the BOE target interest rates remain high which will prolong the slow down within the construction industry which would then have an impact on the amount of labour needed within the industry.
Continuing high interest rates and the appetite for risk in the financial markets has the potential to increase the costs on the business as well as lead to a reduction in available funds for construction projects in the coming years.
The change in government and the countries financial position could lead to higher taxes on corporations which would stifle growth if implemented.
Continuing high interest rates and the appetite for risk in the financial markets has the potential to increase the costs on the business as well as lead to a reduction in available funds for construction projects in the coming years.
The change in government and the countries financial position could lead to higher taxes on corporations which would stifle growth if implemented.
The company key performance indicators are based on turnover and gross profit percentage. Despite the lost business from a related party turnover increased with a 14.01% variance over the period of 18 months results compared with last year. Our gross profit margin percentage has increased by 5.70%.The profit before taxation has decreased by 61.89% which was mainly due to higher deprecation & hire charges as a consequence of the changing business scape and bad debt.
The company measures it’s retention of customers, we managed to achieve only a 8% decrease on our existing customer base, however the company also measures the number of new customers onboarded which, where we have seen an increase of 10%. The company focuses on supplying the highest standard of operatives to its clients, which has led to an increase in turnover to its existing clients.
This report was approved by the board on 7 October 2026 and signed on its behalf.
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CORE PEOPLE LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
The director presents his report and the financial statements for the period ended 31 January 2025.
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £86,454 (2023 - £915,286).
During the financial period, no dividends have been paid (2023: £NIL) and the directors do not propose any dividends.
The director who served during the period was:
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CORE PEOPLE LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
This report was approved by the board on 7 October 2026 and signed on its behalf.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD
We have audited the financial statements of Core People Ltd (the 'Company') for the period ended 31 January 2025, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is 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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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (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 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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are the Companies Act 2006, the reporting framework of the Financial
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and UK
taxation legislation.
We understood how the company was complying with those frameworks through discussions with management
and those charged with governance. Where the risk was considered to be higher, we performed audit
procedures to address each identified fraud risk. Based on our understanding of the entity and its environment
we identified the following areas as key risks and designed our audit approach as detailed to ensure material
misstatements and irregularities would be detected in these areas:
Management over-ride:
We undertook testing of controls and systems to gain assurance these have been operating as expected during
the period. We also performed journal testing to test the efficacy of journals posted during the period.
Additionally, we have reviewed the disclosures in the accounts and the Directors report to ensure they agree with
our findings from the audit testing carried out.
Revenue recognition:
The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure
this is not materially misstated or manipulated we have carried out substantive testing on income cut off and
completion.
Going concern:
We have reviewed the latest financials and performed sensitivity testing on budgets and forecast, as well as
testing the assumptions behind these.
Hire purchase agreements:
The main risk in regards to hire purchase agreements is that the liability will be understated. We have requested
documentation for all additions in the year and are substantively testing a sample to ensure they are being
correctly accounted for.
determined that the most significant are the Companies Act 2006, the reporting framework of the Financial
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and UK
taxation legislation.
We understood how the company was complying with those frameworks through discussions with management
and those charged with governance. Where the risk was considered to be higher, we performed audit
procedures to address each identified fraud risk. Based on our understanding of the entity and its environment
we identified the following areas as key risks and designed our audit approach as detailed to ensure material
misstatements and irregularities would be detected in these areas:
Management over-ride:
We undertook testing of controls and systems to gain assurance these have been operating as expected during
the period. We also performed journal testing to test the efficacy of journals posted during the period.
Additionally, we have reviewed the disclosures in the accounts and the Directors report to ensure they agree with
our findings from the audit testing carried out.
Revenue recognition:
The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure
this is not materially misstated or manipulated we have carried out substantive testing on income cut off and
completion.
Going concern:
We have reviewed the latest financials and performed sensitivity testing on budgets and forecast, as well as
testing the assumptions behind these.
Hire purchase agreements:
The main risk in regards to hire purchase agreements is that the liability will be understated. We have requested
documentation for all additions in the year and are substantively testing a sample to ensure they are being
correctly accounted for.
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.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Sundial House
High Street
Horsell
GU21 4SU
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CORE PEOPLE LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
REGISTERED NUMBER: 08607020
BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2026 .
The notes on pages 13 to 27 form part of these financial statements.
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CORE PEOPLE LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
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CORE PEOPLE LTD
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Core People Ltd is a private company, limited by shares, registered in England and Wales, registration number 08607020. The registered office is Unit 2, Kings Court Burrows Lane, Gomshall, Guildford, Surrey, GU5 9QE.
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 management to exercise judgment in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
The accounting period has been extended by six months to make an eighteen month period, this was to facilitate a significant business change.
Consequently the balances reported are not comparable against the previous period of twelve months.
Consequently the balances reported are not comparable against the previous period of twelve months.
Functional and presentation currency
Transactions and balances
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
Software development is completed in stages, at each stage of completion the associated asset will be amortised over its useful life.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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 revsion affects both current and future periods.
Key estimates:
The following estimates have the most significant effect on amounts recognised in the financial statements.
Deferred tax:
A deferred tax asset has been netted off against a deferred tax liability in the financial statements. The director considers this appropriate as future profits will be made.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
21.Deferred taxation (continued)
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,523 (2023 - £1,080).
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
The company is controlled, by virtue of 100% ownership of the called up share capital, by its director.
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