Registered Number:
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The director presents the financial statements for the year ended 30 September 2020.
Turnover for the year has decreased to £5,998,227 (2019: £8,623,948) as a result of instability in the job market caused by the COVID-19 pandemic. Profit before tax has reduced to £3,727,874 (2019: £6,247,094) as a result of the decrease in turnover.
The company's principal financial instruments comprise of trade debtors and trade creditors arising directly from operations.
The company's approach to managing the principal risks and uncertainties are show below. Interest rate risk: The company is not exposed to interest rate risk. Liquidity and cash flow risk: The company is not exposed to significant liquidity risk as it has no third party long-term liabilities. The cash flow of the company is carefully monitored with cash flow forecasts prepared and regularly reviewed by the director to ensure that there is sufficient liquidity within the company. Credit risk: The company has minimal exposure to credit risk as the nature of the job board trading activities involves payments in advance. Where customers wish to trade on credit terms, they are subject to credit verification procedures. Price risk: The company reviews its sales prices on an annual basis to ensure it remains competitive. Brexit risk: The company acknowledges Brexit represents a risk and an uncertainty going forward so is monitoring developments to ensure that the impact of Brexit is positively managed. COVID-19 risk: COVID-19 represents a significant risk to the business, however the company's services and infrastructure are well placed to mitigate the risk.
The financial key performance indicator is the operating profit before provisions against intercompany loans of £2,806,788 (2019: £5,277,106).
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The significant non-financial key performance indicator that the company measures for its recruitment services is the time taken to post a job. This was measured at 1.0 week for the current year (2019: 1.0 week).
This report was approved by the board on 30 March 2021
and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The director presents his report and the financial statements for the year ended 30 September 2020.
The director is responsible for preparing the Strategic Report, the Director's Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has 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 director must not approve the financial statements unless he is 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 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 year, after taxation, amounted to £
2,474,206
(2019 -
£
4,628,052
)
.
Particulars of dividends can be found in note 13.
The director who served during the year was:
Details of the company's financial risk management objectives and policies, including its use of financial instruments and key risks to which it is exposed, are included the Strategic Report.
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JOBSERVE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Included in the financial statements are the results of Jobserve Australia. The branch is located outside the United Kingdom.
The
director at the time when this Director's Report is approved has confirmed that:
Since the year end, the UK has continued to implement social distancing measures and other controls in response to the COVID-19 outbreak. The financial statements continue to be drawn up on a going concern basis.
This report was approved by the board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOBSERVE LIMITED
We have audited the financial statements of Jobserve Limited (the 'Company') for the year ended 30 September 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
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 our opinion the financial statements:
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 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the director
's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The director is 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
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JOBSERVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOBSERVE LIMITED (CONTINUED)
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.
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 year 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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Director's Responsibilities Statement on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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JOBSERVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOBSERVE 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 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.
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 Auditor's Report.
This report is made solely to the Company's members
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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BALANCE SHEET
AS AT
30 SEPTEMBER 2020
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BALANCE SHEET
(CONTINUED)
AS AT
30 SEPTEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
JobServe Limited (the "Company") is a company limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Aspire House, Tower Business Park, Kelvedon Road, Tiptree, Essex CO5 0LX.
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 3).
The company is exempt from producing consolidated financial statements on the basis that it is a wholly-owned subsidiary of Aspire Media Group Limited which has the same registered office.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Aspire Media Group Limited as at 30 September 2020 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The following principal accounting policies have been applied:
The director considers it appropriate to prepare the financial statements on a going concern basis for a period of one year from the approval of these financial statements.
The director is reviewing the ongoing developments in respect to COVID-19 to ensure that cashflow is positively managed and the impact to the company's operations is mitigated. The company's principal activity is IT recruitment services which can be operated remotely. A detailed cashflow forecast has been prepared and the company continues to invest in its technology to ensure it generates sufficient cash for the company to adopt the going concern basis of preparation for 12 months from approval of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover on the sale of job credits is recognised at the earlier of job credits being ultilised by a customer or three years after the issue of job credits.
Turnover on the sale of access to databases are spread across the period to which they are available to the customer.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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 or reducing balance 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Preparation of the financial statements requires management to make significant judgements and estimates. The items where these judgements and estimates have been made include:
Commercial rates of interest are charged on the amounts owed by group undertakings due after more than one year. Consequently, the director does not consider it necessary to make any adjustments to the balances in order to recognise them at amortised cost. Provisions are made for loans that are considered to be irrecoverable based on the anticipated future profitability of the debtors. A provision is made against deferred income for job credits not used within 3 years of purchase and recognised as turnover in the Statement of Comprehensive Income. The impact of COVID-19 could implicate that job credits may be reserved longer by customers however this is a key judgement and area of estimation uncertainty. The buildings recognised are in respect to a sports facilty that is built on land that is subject to a verbal lease.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
12.
Taxation (continued)
There are no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The following companies are direct or indirect subsidiaries of the company:
Name Registered office Jobserve USA Limited Tower Business Park, Tiptree, Essex, CO5 0LX, UK Jobserve Canada Holdings Inc 340 Albert Street, Suite 1400, Ottawa, K1R 0A5, Canada Jobserve Canada Limited 340 Albert Street, Suite 1400, Ottawa, K1R 0A5, Canada Jobserve Holdings Inc 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA Hotlizard USA Inc 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA Jobserve USA Corp 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA Careerboard.com 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA Nettemps LLC 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA Jobserve NC Holdings LLC 6120 Parkland Blvd, Mayfield Heights, OH-2214, USA
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Other reserves
Profit & loss account
to shareholders.
The company has granted a fixed and floating charge over all assets in favour of R A Cowling for security in respect of any monies due or to become due by the company. At 30 September 2020 no liabilities were due to R A Cowling and therefore no balances were secured by this charge.
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 £80,100 (2019 - £78,234). Contributions totalling £10,942 (2019: £12,728) were payable to the fund at the balance sheet date and are included in creditors.
27.
Other financial commitments
The company has made a commitment to a subsidiary of Aspire Media Group to fund the shortfall in their operating cashflows for the next 12 months. This commitment will be funded out of the company's surplus cashflow and is currently forecast to be £1.4m over the next 12 months.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
R A Cowling is the ultimate controlling party by virtue of his majority shareholding in the ultimate holding company.
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