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 2021 |
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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 2021 |
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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 2021 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of 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 2021 |
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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 2021 |
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The directors present their strategic report for the year ended 30 September 2021. |
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BUSINESS ENVIRONMENT |
The economic aftermath of Covid and Brexit and in particular the contraction of the available labour supply market has constrained growth. The Directors continue to be highly selective in accepting new business. |
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REVIEW OF BUSINESS |
The Company continues to demonstrate resilience and growth in a far from ideal economic environment and unlike many companies did not resort to the use of Government bail-out loans. The Company's strong resilience is proof of the quality of its customers and the continuing commitment of its staff.The directors continually review the marketplace and manage the risks to maintain and improve the Company's performance. Demand is increasing for the Company's services and the directors see a bright future for the Company with the expectation of double digit growth in 2022. |
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POSITION AT THE YEAR END |
At the year end the company has net current assets of £749,000 (2020: £1,807,000) and net assets of £774,000 (2020: £1,834,000). |
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The directors have taken the decision to include within the financial statements a liability due to HMRC in respect to various structuring arrangements entered into previously. |
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The Company is challenging all APNs and demands received for the periods 2011 to 2016. These are strongly rebutted by the Company on the grounds that they have been inappropriately raised and in some instances have been raised on a protective basis by HMRC whilst the technical aspects are being considered and disputed. |
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The Company is in receipt of correspondence from HMRC, confirming HMRC consider it, "not appropriate" for the Company to have complied with some aspects of the legislation where it has previously raised a challenge, in respect of 2011. Similar challenges have been raised by HMRC for 2012-2016, on similar grounds and in similar circumstances to 2011. The Company contends based on HMRC's 2011 finding, that HMRC will consider as it has for 2011, it "not appropriate" for the Company to have to complied with the regulations for 2012-2016. |
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However, at the year end the company had not received further clarification from HMRC in respect of 2012 to 2016 and so the decision was made to include the amounts covered on a prudent basis. |
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FINANCIAL KEY PERFORMANCE INDICATORS |
Given the nature of the business, the company Directors believe the only necessary KPI's that give an understanding of the development, performance or position of the business to be: turnover, margin percentage and profit before tax. |
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PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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STRATEGIC REPORT |
for the year ended 30 September 2021 |
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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 price risk, liquidity risk and interest rate risk. |
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The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company 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 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2021. |
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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 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2020 to the date of this report. |
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FINANCIAL INSTRUMENTS |
The company's operations are financed by an invoice discounting arrangement whereby the company retains the significant risks and benefits associated with discounted debts. The factored borrowings are subject to fixed interest rates, designed to ensure appropriate liquidity and cash flow at appropriate expense. |
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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; |
- | 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 2021 |
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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 2021 which comprise the Statement of 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: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2021 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | 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: |
- | 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 set out on page four, 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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Based on our understanding of the company and the industry, we have identified that the principal risks of non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included: |
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Enquires with management for consideration of known or suspected instances of non-compliance laws and
regulations and fraud. |
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Challenging assumptions made by management in their accounting estimates such as the recoverability of
debtors. |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting revenue, journal entries crediting cash and journal entries with unusual descriptions. |
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There are inherent limitations in the audit procedures describes above and the further removed non-compliant with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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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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STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 30 September 2021 |
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2021 | 2020 |
Notes | £'000 | £'000 |
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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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682 | (907 | ) |
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Other operating income | 3 |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL 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 2021 |
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2021 | 2020 |
Notes | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Debtors: amounts falling due within one year | 10 |
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Debtors: amounts falling due after more than
one year |
10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 | ( |
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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 | 15 |
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Share premium | 16 |
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Retained earnings | 16 |
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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
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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 2021 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£'000 | £'000 | £'000 | £'000 |
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Balance at 1 October 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 September 2020 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 30 September 2021 |
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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 2021 |
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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 (£), rounded to the nearest thousand. |
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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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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; |
• | the requirements of paragraphs 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 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, Prem Work Limited, the financial statements can be obtained from the registered office. |
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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. |
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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. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other debtors, cash and bank balances and investments 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, bank loans 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. Accounts 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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Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the in profit and loss in finance costs or income appropriately. |
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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 |
Monetary 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 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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Grants |
The company has received funding in the form of grants relating to the Coronavirus Job Retention Scheme (CJRS) and Business Support Grants. The grant funding is included in other income and is released to the profit and loss account in full in the year the conditions of the grant funding have been met. |
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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. |
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3. | OTHER OPERATING INCOME |
2021 | 2020 |
£'000 | £'000 |
Government grants |
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Exchange gains/(losses) | - | 1 |
272 | 1,141 |
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Due to the Covid-19 pandemic, the business utilised Government support through the furlough scheme whereby the Government contributed towards the wage costs of the business, and the hospitality and leisure grant scheme. The amounts received are reported under other operating income in the financial statements. The income is reported in the period that the relief relates to. |
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4. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£'000 | £'000 |
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: |
2021 | 2020 |
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Temporary | 762 | 728 |
Administration | 27 | 33 |
Management | 14 | 15 |
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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 2021 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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2021 | 2020 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2021 | 2020 |
£'000 | £'000 |
Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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( |
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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 Prem Work Limited. |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£'000 | £'000 |
Factoring interest |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£'000 | £'000 |
Current tax: |
UK corporation tax |
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Adjustment to prior years | 1,825 | (22 | ) |
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Tax on profit |
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UK corporation tax has been charged at 19% . |
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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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2021 | 2020 |
£'000 | £'000 |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
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Effects of: |
Expenses not deductible for tax purposes | ( |
) |
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Adjustments to tax charge in respect of previous periods |
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( |
) |
Tax charge | 1,825 | - |
Total tax charge | 1,987 | 23 |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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7. | TAXATION - continued |
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In the Spring Budget 2021, it was announced that the main rate of corporation tax will increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. |
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Advanced Payment Notices (APNs) issued to the company, together with accrued interest, totalling £1,825,000 have been recognised at the year end as a liability. The directors are contesting the validity of the APNs and demands noted, however a liability has been included within these financial statements for completeness. |
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8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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9. | FIXED ASSET INVESTMENTS |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: United Kingdom |
Nature of business:
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% |
Class of shares: | holding |
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£'000 | £'000 |
Aggregate capital and reserves | ( |
) | ( |
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10. | DEBTORS |
2021 | 2020 |
£'000 | £'000 |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Prepayments and accrued income |
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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 2021 |
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10. | DEBTORS - continued |
2021 | 2020 |
£'000 | £'000 |
Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Trade debtors includes £1,691,000 (2020: £1,001,000) of invoice discounted debts. |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£'000 | £'000 |
Other loans (see note 12) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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12. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£'000 | £'000 |
Amounts falling due within one year or on demand: |
Factoring loan |
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13. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£'000 | £'000 |
Within one year |
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Between one and five years |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£'000 | £'000 |
Factoring loan |
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Rent deposit | 38 | 38 |
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The factoring loan is secured by a fixed and floating charge over the company's freehold and leasehold property. |
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The rent deposit is secured by a charge over the company's assets. |
PREMIER WORK SUPPORT LIMITED (REGISTERED NUMBER: 05139457) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary "A" | £0.01 | 51 | 51 |
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Ordinary "B" | £0.00 | 1 | 128 | 128 |
179 | 179 |
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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. |
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16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£'000 | £'000 | £'000 |
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At 1 October 2020 |
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1,834 |
Deficit for the year | ( |
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At 30 September 2021 |
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774 |
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17. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent undertaking is Prem Work Limited, a company registered in England and Wales. The consolidated group accounts are prepared and are available to view on the public domain. |
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IMMEDIATE PARENT COMPANY |
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The company was a wholly owned subsidiary of Premier Work Support Holdings Limited, a company incorporated in England & Wales, throughout the current and preceding year. |
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18. | RELATED PARTY DISCLOSURES |
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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. |
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During the year the company made purchases of £62,000 (2020: £60,000) from a company with a common directorship. The amount outstanding to this company at the year end was £nil (2020: £20,000). A loan balance was due from this company totalling £78,000 (2020: £50,000) at the year end. £51,000 of the loan balance was written off in the prior year. |
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During the year the company paid £72,000 (2020: £85,000) in respect of consultancy fees to a company with a common directorship. |
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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 £78,000 (2020 : £50,000). |
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19. | ULTIMATE CONTROLLING PARTY |
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Richard Blood is considered the ultimate controlling party by virtue of his majority shareholding in the ultimate parent company. |
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20. | THIRD PARTY GUARANTEE |
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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 30 September 2021, the potential liability amounted to £1,979,000 (2020: £2,090,000). |