REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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FOR |
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PREMIER WORK SUPPORT LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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FOR |
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PREMIER WORK SUPPORT LIMITED |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Profit and Loss Account | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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PREMIER WORK SUPPORT LIMITED |
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COMPANY INFORMATION |
for the year ended 30 September 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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STRATEGIC REPORT |
for the year ended 30 September 2019 |
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The directors present their strategic report for the year ended 30 September 2019. |
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Despite the impact of Brexit indecision on the UK economy and now Covid-19, the directors believe the rationalisation |
commenced during 2019 provides a strong platform for the future of the Company. The directors continually review the |
market place and manage the risks to maintain and improve the Company's performance. |
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BUSINESS ENVIRONMENT |
At the time of writing the global economy is dealing with Covid-19. Whilst the Company doesn't expect to be unaffected |
by Covid-19, our diverse client and industry sector mix is resulting in clients in sectors under pressure being more than |
compensated by those experiencing increased demand. The Directors continue to be highly selective in accepting new |
business. |
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REVIEW OF BUSINESS |
A combination of Brexit uncertainty slowing economic growth and Company rationalisation including the closure of 2 |
offices, redeployment of staff and client repositioning were the main contributors to the Company's 2019 financial |
performance. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, |
liquidity risk and interest rate risk. |
The Company has in place a risk management programme that seeks to limit the adverse effects on the financial |
performance of the group by monitoring levels of debt finance and the related finance costs. The Company does not use |
derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. |
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Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk |
management to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the |
finance department. |
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Price risk |
The Company is exposed to price risk due to normal inflationary increases in the price of services purchased and |
increases made to the UK national living wage. The Company has no exposure to equity securities price risk as it holds |
no listed or other equity investments. |
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Liquidity risk |
The Company actively maintains short-term debt finance that is designed to ensure that the Company has sufficient |
available funds for operations and planned expansions. |
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The Company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash |
balances which earn interest at fixed rate. The Company has a policy of maintaining debt at a fixed rate to ensure |
certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the Company's |
operations change in size or nature. |
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ON BEHALF OF THE BOARD: |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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REPORT OF THE DIRECTORS |
for the year ended 30 September 2019 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of temporary recruitment services. |
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DIVIDENDS |
No dividends have been distributed for the year ended 30 September 2019. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2018 to the date of this report. |
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CONTINGENT LIABILITIES |
The directors are aware of the ongoing HMRC enquiries and the uncertain nature of the potential outcome. A full |
disclosure of the ongoing enquiries is given on Note 17 to these financial statements. |
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DISABLED EMPLOYEES |
The company gives full consideration to applications for employment from disabled persons where the requirements of |
the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it |
is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and |
to provide training and career development and promotion to disabled employees wherever appropriate. |
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EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information about the company has been continued through |
internal media methods. Regular meetings are held between management and employees to allow a free flow of |
information and ideas. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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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. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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REPORT OF THE DIRECTORS |
for the year ended 30 September 2019 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have |
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PREMIER WORK SUPPORT LIMITED |
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Opinion |
We have audited the financial statements of Premier Work Support Limited (the 'company') for the year ended |
30 September 2019 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, |
Statement of Changes in Equity 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 September 2019 and of its loss 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. |
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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 Auditors' 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. |
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Conclusions relating to going concern |
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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have 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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
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 Report of the Directors. |
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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: |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PREMIER WORK SUPPORT LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, 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 necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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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. |
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Auditors' 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 a Report of the Auditors 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. |
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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 Report of the Auditors. |
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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 a Report of the Auditors 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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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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PROFIT AND LOSS ACCOUNT |
for the year ended 30 September 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
( |
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GROSS PROFIT |
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Administrative expenses | ( |
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81,282 | 218,013 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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93,012 | 213,800 |
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Interest payable and similar expenses | 5 | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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OTHER COMPREHENSIVE INCOME |
for the year ended 30 September 2019 |
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2019 | 2018 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE YEAR |
( |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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BALANCE SHEET |
30 September 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investments | 8 |
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CURRENT ASSETS |
Debtors: amounts falling due within one year | 9 |
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Debtors: amounts falling due after more than
one year |
9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Share premium | 15 |
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Retained earnings | 15 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2019 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 October 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 September 2018 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 30 September 2019 |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Premier Work Support Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number and registered office address can be found on the Company Information page. |
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The presentational currency of the financial statements is Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting |
estimates. It also requires management to exercise its judgement in the process of applying the company's |
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where |
assumptions and estimates are significant to the financial statements are disclosed within the notes to the |
accounts. |
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Going concern |
The directors have assessed future cash flows while taking into consideration COVID-19 and the contingent |
liability as detailed in note 17. They believe that the company has adequate resources to continue in operational |
existence for at least twelve months from signing the financial statements. The directors continue to adopt the |
going concern basis of accounting in preparing the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about Premier Work Support Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it |
and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its |
parent, Premier Work Support Holdings Limited, Magma House 16 Davy Court, Castle Mound Way, Rugby, |
CV23 0UZ. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount |
receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added |
taxes. |
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The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred |
to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of |
revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) |
when the specific criteria relating to the each of company’s sales channels have been met. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any |
incidental costs of acquisition. |
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Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal |
proceeds, over its estimated useful economic life. Depreciation is charged at the following rates: |
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Improvements to property | - | 10% straight line |
Fixtures and fittings | - | 15% straight line |
Computer equipment | - | 33% straight line |
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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. |
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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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Investments in subsidiaries |
Investment in the subsidiary company is held at cost less accumulated impairment losses. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised |
as other comprehensive income or to an item recognised directly in equity is also recognised in other |
comprehensive income or directly in equity respectively. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have |
been met. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment |
benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or |
constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans |
are recognised as an expense in the profit and loss account in the periods during which services are rendered by |
employees. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Financial assets |
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Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
transaction price, 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors and loans from fellow group companies are initially |
recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt |
instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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 payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Contractor loan schemes |
In the accounting periods between 2010 and 2016, the company made a contribution into Contractor loan |
schemes for the benefit of its officers. |
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In accordance with FRS102 the company does not include the assets and liabilities of the schemes on its |
balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of The |
Scheme and will not have control of the rights or other access to those present economic benefits. |
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Invoice discounting |
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in |
respect of proceeds received from factors are shown within current liabilities. Factoring charges and interest are |
recognised in the profit and loss account as they accrue. |
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Share capital |
Ordinary shares are classified as equity. |
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Critical accounting estimates |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, |
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk |
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year |
are addressed below. |
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(i) Holiday pay accrual |
The company makes an estimate of the amount of holiday pay liability at the year end. To assess the accrual, |
directors take into consideration previous trends to conclude as to the likelihood of the holiday pay being taken |
by the employees. |
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(ii) Provision for taxation |
The company makes an estimate of any liabilities for to HM Revenue & Customs at the balance sheet date. |
When assessing the liability, the directors evaluate the regulations and evidence which is available at the date of |
signing the financial statements. Legislation which has come into force since the year end is assessed and an |
estimate if the expected liability is made and included within the financial statements. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Temporary | 906 | 1,131 |
Administration | 29 | 36 |
Management | 17 | 14 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
2019 | 2018 |
£ | £ |
Emoluments etc |
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Key management compensation |
The directors deem key management to include directors only. |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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Factoring charges |
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Operating lease payments |
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In accordance with SI 20018/489 the company has not disclosed the fees payable to the company's auditors for |
'Other services' as this information is included in the consolidated financial statements of Premier Work Support |
Holdings Limited. |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Factoring interest |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Utilisation of tax losses | ( |
) |
|
Total tax charge | 60,182 | 31,302 |
|
7. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2018 |
|
|
|
|
Additions |
|
|
|
|
At 30 September 2019 |
|
|
|
|
DEPRECIATION |
At 1 October 2018 |
|
|
|
|
Charge for year |
|
|
|
|
At 30 September 2019 |
|
|
|
|
NET BOOK VALUE |
At 30 September 2019 |
|
|
|
|
At 30 September 2018 |
|
|
|
|
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
|
|
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2018 |
and 30 September 2019 |
|
NET BOOK VALUE |
At 30 September 2019 |
|
At 30 September 2018 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
|
9. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | - | 1,960 |
Deferred tax asset |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
Trade debtors includes £2,224,812 (2018: £2,633,647) of invoice discounted debts. |
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans (see note 11) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
|
|
11. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Factoring loan |
|
|
|
12. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
13. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Factoring loan |
|
|
Rent deposit | 38,021 | 38,021 |
|
|
|
The factoring loan is secured by a fixed and floating charge over the company's assets. |
|
The rent deposit is secured by a floating charge over the company's assets. |
|
14. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary "A" | 0.01 | 51 | 51 |
|
Ordinary "B" | 0.001 | 128 | 128 |
179 | 179 |
|
The "A" Ordinary and "B" Ordinary shares each constitute separate classes of shares but rank pari passu in all |
respects as ordinary shares in the capital of the company. |
|
15. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 October 2018 |
|
|
1,677,591 |
Deficit for the year | ( |
) | ( |
) |
At 30 September 2019 |
|
|
1,659,408 |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2019 |
|
|
16. | ULTIMATE PARENT COMPANY |
|
The company's ultimate parent undertaking is Premier Work Support Holdings Limited, a company registered in |
England and Wales. The consolidated group accounts are prepared and are available to view on public domain. |
|
17. | CONTINGENT LIABILITIES |
|
The Company has received an assessment from HMRC for accounting periods 2010 to 2016 which is being |
disputing on the grounds of validity and quantum. The assessment has been appealed and postponed. The |
directors do not believe that a liability exists. They believe HMRC's analysis is incorrect and the assessment |
should not be issued to this company. |
|
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
At the year end, a balance of £nil (2018: £33,773) was due in respect of directors loan accounts for J B Green |
and D Liebman. |
|
19. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
During the year the company made sales of £18,639 (2018 : £46,645) to a company with a common directorship. |
The company also made purchases of £21,542 (2018: £50,698). |
|
The amount outstanding to this company at the year end was £148,178 (2018: £148,178). The company made a |
provision against the outstanding balance of £148,178 (2018: £nil). |
|
During the year the company made sales of £74,267 (2018 : £nil) to another company with a common |
directorship.The amount outstanding to this company at the year end was £51,620 (2018: £48,893). |
|
During the year the company paid rent of £35,438 (2018 : £47,188) to a company with a common directorship. |
The company also provided a third party guarantee to a company with common directorship, should there be |
shortfall in mortgage recovery. The amount outstanding in respect of a loan made to this company at the year |
end was £110,623 (2018 : £173,761) |
|
20. | POST BALANCE SHEET EVENTS |
|
Since the balance sheet date the world has suffered a COVID-19 outbreak, and volatility in the markets. |
|
The directors have considered the effect this may have had on the Company, and although unclear what longer |
term impact this will have on the sector, they are informed by the Government's guidance that the issue will be |
time limited. |
|
This will continue to be a developing situation and as such a reasonable estimate of the financial effect of this |
outbreak on the company cannot feasibly be made. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The company has no ultimate controlling party. |
|
22. | THIRD PARTY GUARANTEE |
|
A cross guarantee arrangement exists between Premier Work Support Limited and Prem Prop Limited in relation |
to a bank loan held in Prem Prop Limited. At 31 September 2019, the potential liability amounted to £2,201,631 |
(2018: £1,866,854). |