Registration number:
for the
Year Ended
Travail Employment Group Limited
Contents
_________________________________________________________________________________
Company Information |
|
Directors' Report |
|
Strategic Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Travail Employment Group Limited
Company Information
_________________________________________________________________________________
Directors |
Mr A P Wyer Mr N C Elford Mr K Green |
Company secretary |
Mrs J C Mullan |
Registered office |
|
Solicitors |
|
Bankers |
|
Auditors |
|
Travail Employment Group Limited
Directors' Report
for the Year Ended 31 December 2021
_________________________________________________________________________________
The directors present their report and the financial statements for the year ended 31 December 2021.
Principal activity
The principal activity of the company is that of an employment agency.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommended a final dividend payment of £819,169 (2020 - £319,097) in respect of the financial year end 31 December 2021. This dividend has been recognised as a liability in the financial statements.
Disclosure of information to the auditors
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Travail Employment Group Limited
Strategic Report
for the Year Ended 31 December 2021
_________________________________________________________________________________
The directors present their strategic report for the year ended 31 December 2021.
Business review
The results for the year, which are set out in the profit and loss account, show a pre-tax profit of £1,027,622 (2020 - £399,948).
The directors consider that the business has performed in line with expectations during the year and the financial position at the year end is satisfactory.
Key performance indicators
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2021 |
2020 |
|
Turnover |
£'000 |
13,893 |
10,304 |
Gross profit |
£'000 |
4,142 |
2,876 |
Gross profit margin |
% |
30 |
28 |
Pre-tax profit |
£'000 |
1,027 |
400 |
Net current assets |
£'000 |
855 |
800 |
Trade debtors |
£'000 |
1,716 |
1,592 |
Trade creditors |
£'000 |
51 |
26 |
Financial instruments
The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk selling on credit and manages this through credit control procedures.
Future developments
The market in which the company operates remain bouyant and competitive. The directors continually monitor the market and the company performance against it in order to maintain a strong position.
Principal risks and uncertainties
The management of the company and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from other national employment agencies and changes in legislation affecting the employment industry.
Going concern
In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are required to provide disclosures regarding the adoption of the going concern basis of accounting.
The directors have prepared forecasts for the next 12 months and beyond that indicate that the company has sufficient resources to continue in operational existence for the foreseeable future and therefore the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Approved by the
Director
Travail Employment Group Limited
Statement of Directors' Responsibilities
_________________________________________________________________________________
The directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Travail Employment Group Limited
Independent Auditor's Report to the Members of Travail Employment Group Limited
Opinion
We have audited the financial statements of Travail Employment Group Limited (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Travail Employment Group Limited
Independent Auditor's Report to the Members of Travail Employment Group Limited
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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:
In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:
• |
identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
• |
understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
• |
challenging assumptions and judgements made by management in its significant accounting estimates; and |
• |
identifying and testing journal entries, in particular any journal entries with unusual characteristics. |
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.
Travail Employment Group Limited
Independent Auditor's Report to the Members of Travail Employment Group Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Travail Employment Group Limited
Profit and Loss Account
for the Year Ended 31 December 2021
_________________________________________________________________________________
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest receivable and similar income |
|
|
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no other comprehensive income for the year other than the above.
Travail Employment Group Limited
(Registration number: 01334361)
Balance Sheet
as at 31 December 2021
_________________________________________________________________________________
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Revaluation reserve |
|
|
|
Retained earnings |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Travail Employment Group Limited
Statement of Changes in Equity
for the Year Ended 31 December 2021
_________________________________________________________________________________
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2020 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(1,442) |
1,442 |
- |
At 31 December 2020 |
|
|
|
|
|
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(1,442) |
1,442 |
- |
At 31 December 2021 |
|
|
|
|
|
Travail Employment Group Limited
Statement of Cash Flows
for the Year Ended 31 December 2021
_________________________________________________________________________________
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items: |
|||
Depreciation |
|
|
|
Profit on disposal of tangible fixed assets |
( |
( |
|
Interest received |
( |
( |
|
Taxation |
|
|
|
|
|
||
Working capital adjustments: |
|||
Decrease in stock |
|
|
|
(Increase)/decrease in debtors |
( |
|
|
(Decrease)/increase in creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Purchases of tangible fixed assets |
( |
( |
|
Proceeds from sale of tangible fixed assets |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,345,722 |
1,642,591 |
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty.
Going concern
The directors have taken actions and prepared forecasts for the next 12 months and beyond that indicate that the company has sufficient resources to continue in operational existence for the foreseeable future. After reviewing those forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the placement of temporary and permanent staff in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises UK corporation tax and deferred tax. Tax is recognised in the profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax asset so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible fixed assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
Nil |
Freehold buildings |
Over 100 years |
Fixtures and fittings |
20% - 33% of cost per annum |
Motor vehicles |
33% - 45% of written down value |
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stock is valued at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the obligation to pay the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Recognition and measurement
Revenue |
The analysis of the company's turnover for the year from continuing operations is as follows:
2021 |
2020 |
|
Temporary and permanent placements in the United Kingdom |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
|
Miscellaneous other operating income |
|
|
|
|
The Company received grants in relation to the Coronavirus Job Retention Scheme (CJRS) of £39,375 (2020- £501,455). The Company also received grants in relation to the Retail, Hospitality & Leisure of £Nil (2020 - £110,000).
Operating profit |
Arrived at after charging:
2021 |
2020 |
|
Depreciation expense |
|
|
Operating lease expense |
|
|
Profit on disposal of tangible fixed assets |
( |
( |
Auditors' remuneration |
2021 |
2020 |
|
Audit of the financial statements |
|
|
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2021 |
2020 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration (including benefits in kind) |
|
|
Contributions paid to pension schemes |
|
|
724,762 |
573,304 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2021 |
2020 |
|
Accruing benefits under pension scheme |
|
|
In respect of the highest paid director:
2021 |
2020 |
|
Remuneration |
|
|
Company contributions to pension schemes |
|
|
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Taxation |
Tax charged in the profit and loss account
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Arising from changes in tax rates and laws |
- |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
3,598 |
- |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Deferred tax expense relating to changes in tax rates or laws |
6,176 |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
Tax increase from effect of capital allowances and depreciation |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
|
Total tax charge |
|
|
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Deferred tax
Deferred tax assets and liabilities
2021 |
Liability |
Difference between accumulated depreciation and capital allowances |
( |
Other timing differences |
( |
Revaluation gain on property |
|
|
2020 |
Liability |
Difference between accumulated depreciation and capital allowances |
( |
Other timing differences |
( |
Revaluation gain on property |
|
|
Tangible assets |
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2021 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2021 |
|
|
|
|
Depreciation |
||||
At 1 January 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2021 |
|
|
|
|
Carrying amount |
||||
At 31 December 2021 |
|
|
|
|
At 31 December 2020 |
|
|
|
|
Revaluation
The fair value of the company's freehold land and buildings was revalued on
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Investments in subsidiaries |
£ |
|
Cost and net book value |
|
At 1 January 2021 and at 31 December 2021 |
|
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
2021 |
2020 |
|
United Kingdom |
Ordinary |
|
|
|
United Kingdom |
Ordinary |
|
|
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Cash and cash equivalents |
2021 |
2020 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
2021 |
2020 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
Corporation tax liability |
208,613 |
88,089 |
|
|
Dividends |
The directors declared a final dividend of £819,169 (2020 - £319,097).
Dividends of £342,870 (2020 - £119,854) were payable to the company's directors.
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Defined contribution pension scheme |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,950 |
|
4,950 |
|
|
2,048 |
|
2,048 |
|
|
|
|
The company's issued Ordinary shares of £1 are divided into five separate classes:
1,150 - £1 Ordinary voting 1 shares
1,150 - £1 Ordinary voting 2 shares
1,150 - £1 Ordinary voting 3 shares
1,150 - £1 Ordinary voting 4 shares
350 - £1 C Ordinary shares
These shares rank pari-passu in all respects, except they have separate rights to dividends.
The non-voting shares rank equally with the Ordinary shares in all respects except that they do not confer upon the holders any rights to receive notices of, or attend, or vote at, General Meetings of the company.
Obligations under operating leases |
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Travail Employment Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
_________________________________________________________________________________
Related party transactions |
Group
The company has taken advantage of the exemption from disclosing transactions with other members of the group.
Self Invested Pension Plan (where a director is a beneficiary)
During the year the company paid rentals of £14,750 (2020 - £14,750) in connection with a property it occupies. At the balance sheet date no amounts (2020 - no amounts) were owed to the Self Invested Pension Plan.
Summary of transactions with key management
Parent and ultimate parent undertaking |
The company is not controlled by a single entity.