Premier People Solutions Limited - Limited company accounts 18.2
Premier People Solutions Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
FOR |
PREMIER PEOPLE SOLUTIONS LIMITED |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
PREMIER PEOPLE SOLUTIONS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
8 Navigation Court |
Calder Park |
Wakefield |
WF2 7BJ |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
STRATEGIC REPORT |
for the year ended 31 March 2019 |
The directors present their strategic report for the year ended 31 March 2019. |
1 Executive Summary |
Premier Partnership has been proving learning and development to the public sector for over 25 years. It has a |
strong pedigree in the delivery of learning that develops and enhances employee skills, ultimately improving |
organisational productivity. |
We have been awarded the outstanding learning provider of the year by the Chartered Management Institute. |
The website provides an invaluable insight into our products, clients and opportunities. |
2 Review of 2018/19 |
2.1 Sales |
Sales decreased by £2.2 million as the organisation moved away from delivery of the apprenticeship projects that |
were not delivering significant profit to concentrate on the delivery of managed training service contracts that have |
since seen significant growth. |
This change also necessitated a restructure of the organisation to reduce costs and prepare for the growth that has |
since commenced in earnest. |
2.2 Costs |
Prior to the termination of the large civil service apprenticeship contract in November 2018 the organisation was |
handling the large costs for recruiting, vetting and training the significant numbers of staff needed to deliver the |
learning. The client encountered operational challenges which took priority over releasing learners to undertake |
their apprenticeship and this along with resistance to follow the outlined cohort delivery model resulted in |
apprentices remaining on program longer than the agreed delivery period. This in turn resulted in Premier retaining |
these additional resources for longer than was originally planned. Once the contract was terminated Premier acted |
quickly to reduce theses staffing costs to minimise impact as quickly as possible. |
2.3 Profit |
The loss to the organisation has reduced significantly from £(913,702) to £(270,431). This is because the costs for |
delivery of the apprenticeship programme were quickly reduced once the contract ended and the organisation has |
increased sales from existing and new customers. |
Redundancy payments for the apprenticeship staff also impacted on profitability. |
The organisation is now experiencing significant profit increases in its core managed service product. |
2.4 Financial Summary |
The key points of note in relation to the financial statements are: |
- A significant reduction in losses from £(913,702) to £(270,431). |
- A reduction in overhead and administrative expenses from £3,372,868 to £2,557,229 reflecting cost cutting |
changes made in response to terminating apprenticeship work. |
- A reduction in Director's salaries, pension contributions and insurance to help reduce losses. |
- A reduction in turnover from £14,753,331 to £12,618,458 as a result of the termination of the large |
apprenticeship contract. |
- A balance sheet movement from a net asset position of £79,935 to a net liabilities position of £190,496, as a |
result of the loss incurred in the year. |
3 Post year end priorities |
Since the year end, we have structured the organisation to focus on: |
- Increasing the quality and delivery of qualifications across the civil service. |
- Increasing sales on our core health and safety and compliance training. |
- Growing our existing managed service contracts with customers by delivering a more responsive and innovative |
service using our improved customer relationship management system. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
STRATEGIC REPORT |
for the year ended 31 March 2019 |
- Increasing the success of our tender bidding through better selection and increased resource on those bids we |
intend to compete for. |
- Further development of our on-line qualifications offering including the addition of new qualifications. |
- Improving our internal data management systems and training management system to improve efficiencies |
around training administration and client direct booking. |
4 Our operating environment |
Our clients, typically local authorities, central government, government agencies, blue light organisations, |
universities, third sector and the health sector have trusted us to deliver impactful and cost- effective training |
solutions. |
There continues to be a growing appetite for online learning, blended learning and innovative learning i.e. that |
including virtual reality or artificial intelligence and we have invested in our systems to meet this future need. |
Our position as an accomplished provider of training solutions and all aspects of learning & development positions |
us well to meet this need. In addition: |
- We are a provider on the ESPO Managed Service Framework, and our contract has been extended by a further |
two years. |
- Successfully delivering managed services to over 70 public sector bodies. |
- We hold centre status for the delivery and management of accredited products up to and including Level 7 in |
Leadership & Management. Our awarding bodies are Chartered Management Institute (CMI), The Institute of |
Learning and Management (ILM), City & Guilds and The Institute of Professional Consulting. |
- We are an approved strategic partner with the Chartered Management Institute, giving us Direct Award Status and |
the capability to award Chartered Management Status. |
- We hold centre status for NEBOSH (National Examination Board in Occupational Safety and Health), IOSH |
(Institution of Occupational Safety and Health) and Qualsafe. |
We have a good reputation for building long term relationships with our clients, delivering learning that is |
accurately mapped to their needs through our specialist trainers and unique team of national expert providers. |
5 Strategic Plan |
Over the coming years we will be building on our stated brand promise: |
"We exist to improve and organisation's performance through learning & development", and our defined purpose: |
"Where organisations easily source every type of learning solution" |
We have created a 3 year strategy detailing how turnover will exceed £20 million by 2021 by: |
- Creating a marketing team led by a Sales Director. |
- Increasing the success of the tendering team through recruitment of a bid manager. |
- Positioning Account Directors to a sales focused role. |
- Increased automation. |
- Positioning Premier Partnership as learning experts. |
- Tell our story of achievements and successes. |
- Drive brand awareness through digital engagement. |
- Elevate the conversation and build better connections with current and new clients. |
- Build advocacy across our supply chain. |
- Gain market share. |
Core Offering |
We will focus on the delivery of our product stream where we can demonstrate credibility, capability and a record |
of success. We will build on our pedigree of successfully delivering managed training services, accredited |
management programmes, compliance training and development to support defined projects. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
STRATEGIC REPORT |
for the year ended 31 March 2019 |
We will continue to utilise our position on the ESPO Managed Training Service Framework, the YPO framework, |
and the NEUPC Framework as this better enables the promotion and purchase of our core offering to our target |
market. |
Core Markets |
We will target the following markets as result of our credibility of working with them, their appetite for our core |
offering and the challenges they are experiencing: |
- Local authorities |
- Blue light services |
- Health care |
- Government departments and agencies |
- Universities |
5.1 Operational Plan |
We will ensure the success of the organisation by targeting: |
- Increasing sales of non-apprenticeship products by an average of 10% each year for the next three fiscal years |
- Improving margin through efficiencies and cost reduction |
- Increase net profit accordingly. |
- Improving productivity through investment in a Customer Relationship Management System, an additional |
learning portal to facilitate online learning, better IT systems and improved data processing. |
- Developing motivation through training, morale initiatives and remuneration packages |
Following the move away from apprenticeship delivery the organisation has experienced significant growth and |
profitability in the year 2019/20. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
STRATEGIC REPORT |
for the year ended 31 March 2019 |
6 PRINCIPAL RISKS AND UNCERTAINTIES |
Risk | Detail | Likelihood | Impact | Mitigation |
Economics |
Forecasts suggest forthcoming recession. |
Medium |
Low |
Compliance training is a significant part of our offer and is still required irrespective of economic status of UK. Brexit likely to increase training requirements for our clients and we have sourced products and suppliers. |
Liquidity |
Balance sheet and assets limit spending and investment choices. |
Medium |
Medium |
Strong relationship with bank provides short term funding. |
Loss of accreditation and ROATP membership |
Learning schedule and attendance conflicts with client priorities and conflicts with learning standards. |
Medium |
Medium |
Ongoing and regular engagement with client to ensure learners are released for learning. |
Reduced number of training administrators may risk contracts |
Reduced front line resourcing before new customer management IT systems have embedded may impact on contract quality. |
High |
High |
Increased monitoring of contracts and client contact. Additional resource pipeline identified. |
Success of new head of sales |
New role may take time to embed and understand core market. Slow sales. |
Medium |
Medium |
Provide ongoing development and support. Implement performance management plan to regularly review progress. |
Quality |
Impact on quality due to reliance on supply chain. |
Low |
Medium |
Strong skill set of supply chain team enables effective recruitment and management of suppliers. Robust contracts to enable performance management of suppliers. Quality Assurance strategy to monitor suppliers in place. |
ON BEHALF OF THE BOARD: |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2019 |
The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of training providers. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2019. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this |
report. |
FUTURE DEVELOPMENTS, FINANCIAL RISK MANAGEMENT AND GENERAL RISK |
The future developments and trade of the company, financial risk management and general risk are disclosed in the |
Business Review of the Strategic Report. |
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. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors |
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing these financial |
statements, the directors are required to: |
- | select suitable accounting policies and 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. |
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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit |
information and to establish that the company's auditors are aware of that information. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2019 |
AUDITORS |
The auditors, Beaumonts (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PREMIER PEOPLE SOLUTIONS LIMITED |
Qualified opinion |
We have audited the financial statements of Premier People Solutions Limited (the 'company') for the year ended |
31 March 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement |
of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of |
our report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the year the |
ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
We were unable to satisfy ourselves over the recoverability of sales reserves amounting to £579,249 included in the |
financial statements due to limitation of scope. We have been unable to obtain sufficient available supporting |
evidence to verify the recoverability of these reserves by using audit procedures. Consequently we were unable to |
determine whether any adjustments for the reserves are necessary. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable |
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of |
the financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including 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 qualified opinion. |
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: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | 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. |
Key audit matters |
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key |
audit matters to be communicated in our report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PREMIER PEOPLE SOLUTIONS LIMITED |
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. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in |
doing so, consider whether the other information is materially inconsistent with the financial statements or our |
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material |
inconsistencies or apparent material misstatements, we are required to determine whether there is a material |
misstatement in the financial statements or a material misstatement of the other information. If, based on the work |
we have performed, we conclude that there is a material misstatement of this other information, we are required to |
report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning |
the recoverability of sales reserves of £579,249 as at 31 March 2019. We have concluded that where the other |
information refers to the sales reserves balance or related balances such as sales income, it may be materially |
misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our |
opinion, based on the work undertaken in the course of the audit: |
- the information given in the Strategic Report and the Directors Report for the financial year for which the financial |
statements are prepared is consistent with the financial statements; and |
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal |
requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, 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 of the Report of the Directors. |
Arising solely from the limitation on the scope of our work relating to the recoverability of the sales reserves, |
referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our |
audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires |
us to report if, in our opinion: |
- | 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PREMIER PEOPLE SOLUTIONS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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. |
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. |
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. |
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. |
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. |
for and on behalf of |
8 Navigation Court |
Calder Park |
Wakefield |
WF2 7BJ |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
INCOME STATEMENT |
for the year ended 31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
(309,838 | ) | (1,138,114 | ) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Prior year adjustment | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
( |
) |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
BALANCE SHEET |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors on behalf by: |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2017 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
Changes in equity |
Total comprehensive income | - | (913,702 | ) | (913,702 | ) |
Balance at 31 March 2018 | 1,000 | 78,935 | 79,935 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2019 | ( |
) | ( |
) |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
CASH FLOW STATEMENT |
for the year ended 31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | (16,810 | ) | (588,769 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
964,678 |
973,963 |
Cash and cash equivalents at end of year | 2 | ( |
) | 964,678 |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 March 2019 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.19 | 31.3.18 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 1,474 | 6,293 |
Finance income | (9,518 | ) | (5,099 | ) |
(199,884 | ) | (1,068,874 | ) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 750 | 964,678 |
Bank overdrafts | ( |
) |
(15,220 | ) | 964,678 |
Year ended 31 March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 964,678 | 973,963 |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Premier People Solutions Limited is a |
The company's registered number and registered office address can be found on the Company Information |
page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has incurred significant losses during the year and has net liabilities. Losses in the 2019 year |
are significantly reduced and post year end internal management accounts show profits being made. |
Despite the current position, the directors are of the opinion, taking into account all of the information that |
could reasonably be expected to be available to them and on the assumption of the continued support of |
the company's bankers and creditors, that it is appropriate to prepare the financial statements on the going |
concern basis. Should this not be the case, adjustments would have to be made to reduce the values of net |
assets to their recoverable amount, to provide for any further liabilities which may arise and to reclassify |
fixed assets as current assets. |
Turnover |
Turnover from the provision of training and related services is recognised by reference to the stage of |
completion of the work. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly |
over its estimated useful life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates |
and laws that have been enacted or substantively enacted by the year end and that are expected to apply to |
the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
31.3.19 | 31.3.18 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.19 | 31.3.18 |
Administration | 95 | 117 |
31.3.19 | 31.3.18 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
31.3.19 | 31.3.18 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Computer software amortisation |
Operating leases |
5. | AUDITORS' REMUNERATION |
31.3.19 | 31.3.18 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
12,000 |
8,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.19 | 31.3.18 |
£ | £ |
Bank loan interest |
Corporation tax interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
31.3.19 | 31.3.18 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
7. | TAXATION - continued |
Reconciliation of total tax credit 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: |
31.3.19 | 31.3.18 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2018 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Change in tax rates | 15,755 | (19,702 | ) |
Total tax credit | (40,881 | ) | (230,705 | ) |
8. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
AMORTISATION |
At 1 April 2018 |
Amortisation for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
9. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
Other debtors | 55,087 | 103,370 |
Directors' current accounts | 389,107 | 372,297 |
Tax |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Finance leases (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 115,160 | 115,160 |
Accrued expenses |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.19 | 31.3.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
14. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.19 | 31.3.18 |
£ | £ |
Bank overdraft |
Bank loans |
Finance leases | 15,649 | - |
Purchasing card | 422,199 | 464,953 |
The bank loan is secured by a charge over the asset acquired by the facility. The bank overdraft and |
purchasing card are secured by a fixed and floating charge over the assets of the company. The finance |
lease is secured over the asset being financed. |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
16. | PROVISIONS FOR LIABILITIES |
31.3.19 | 31.3.18 |
£ | £ |
Deferred tax - |
accelerated capital allowances | 7,833 | 48,714 |
7,833 | 48,714 |
Deferred |
tax |
£ |
Balance at 1 April 2018 |
Released during the year | (40,881 | ) |
Balance at 31 March 2019 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2018 |
Deficit for the year | ( |
) |
At 31 March 2019 | ( |
) |
19. | FINANCIAL COMMITMENTS |
The total financial commitments, guarantees and contingencies which are not included in the balance sheet |
amount to £301,596 (2018 - £577,847). |
PREMIER PEOPLE SOLUTIONS LIMITED (REGISTERED NUMBER: 05997338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2019 and |
31 March 2018: |
31.3.19 | 31.3.18 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The company charges interest at 2.5% in respect of the loan account overdrawn balance. |
21. | RELATED PARTY DISCLOSURES |
During the year the company traded on a normal commercial basis with Oasis Reservations and Southwell |
Training Limited, businesses in which one of the directors A Woodcock, has a material interest. Amounts |
charged to the company for the year by Oasis Reservations were £498,209 (2018 - £679,887). Amounts |
charged to the company for the year by Southwell Training Limited were £22,500 (2018 - £96,000). |
At the balance sheet date the company had the following trading balances: Oasis Reservations £45,569 |
debit, £69,871 credit (2018 £45,569 debit, £161,377 credit), Southwell Training Limited £Nil debit, |
£4,141 credit (2018 £259 debit, £Nil credit). |