Go-Centric Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07377180 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

GO-CENTRIC LIMITED

Page

Company Information

1

Chief Executive's Report

2

Strategic Report

3

Report of the Directors

7

Report of the Independent Auditors

9

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

DIRECTORS:

D J L Harper

G M Krasner FCA

K Arrol

J R Beal

SECRETARY:

J R Beal

REGISTERED OFFICE:

Panoramic House Bankside

The Watermark

Gateshead

NE11 9SY

REGISTERED NUMBER:

07377180 (England and Wales)

AUDITORS:

Sedulo Audit Limited

Statutory Auditors

Regency Court

62-66 Deansgate

Manchester

M3 2EN

I am pleased to present this statement which reflects the company's strong growth and the board's confidence for the year ahead.

Throughout 2021, go-centric has delivered continued growth in line with our strategic plan. During a difficult period for so many, we have continued to invest in our people, technology and operations to ensure we have supported our customers across multiple sectors.

I write this looking back on 2021, and it is amazing that we now have more than 1,000 members of the go-centric team across the UK. Three years ago, our workforce totalled only 50 employees. Our values of Kind, Honest & People underpin everything we do and guide our actions daily.

Our success stems from investment in our workforce and we pride ourselves in supporting people into work and helping them thrive in their career. As with all businesses, recent years have not been without their challenges, but the way the go-centric team has responded to this is something to be immensely proud of. We have helped many people navigate their way through unprecedented times while delivering excellent quality of service to our valued customers.

There is much to look forward to in 2022, not least the recent opening of our new innovation headquarters in Glasgow and the launch of new partnerships which are producing exciting innovation ensuring the business and workforce are tech ready for the evolution of the business and the opportunities ahead.

Our continued growth plans are being achieved in 2022 in line with our seven year business strategy, which we set out back in 2018 to make go-centric the top business process outsourcer and contact centre in the UK. This achievement simply couldn't have been accomplished without the commitment, dedication and professionalism of our people.

On behalf of the Board

David Harper,

Chief Executive Officer

go-centric

The directors present their strategic report for the year ended 31 December 2021.

Introduction

go-centric is a dynamic Business Process Outsourcer (BPO) based across the UK. We pride ourselves on being a people-centred business with a strong digital capability; delivering an excellent customer experience and supporting our clients to deliver a best-in-class customer experience. Our committed, highly skilled and experienced team are key to achieving this.

We're ambitious and we have high expectations. Whether it's speaking to customers directly, leading teams, managing finances, or driving improvements and efficiencies with data and digital innovations, everyone in go-centric has the same goal: delivering operational excellence. It's what sets us apart from our competitors and it's what we promise our clients.

Our vision is to become the leading outsource partner of choice, a trusted brand for clients seeking support to meet their operational challenges through the provision of contact centre operational excellence and continuous improvement.

BUSINESS REVIEW

This has been a highly successful year for go-centric where we have had to respond to the significant challenges of the pandemic. Our clients have looked to us for solutions and exceptional service during this time and our passion, commitment and creative approach to problem-solving is the epitome of go-centric's values.

Turnover increased from £4.9m to £20.8m (+324%) and continued to be derived primarily from UK based clients, with a mix of project driven work related to the pandemic and longer term contracts in a wide variety of sectors. The increase in the year was attributable to a number of factors, primarily:

- New public sector contract wins originating from public sector frameworks upon which we secured positions during the year, such as the Crown Commercial Services framework for Outsourced Contact Centre and Business Services.

- Formation of new strategic partner relationships and maximising the potential of these and existing similar relationships by ensuring service delivery to the highest standards.

- Growth in existing client volumes across a number of other sectors as we collaborate with clients to expand their services and capabilities.

Gross margin in the year increased from £2.1m to £7.5m. Gross margin percentage fell from 43.0% to 35.9%, in part due to the lower margins achievable on larger campaigns, and also as a result of our commitment to becoming a Real Living Wage employer. We are delighted to have rapidly expanded our workforce from just over 50 employees three years ago to more than 1,000 today. We believe our success stems from investment in our workforce and we are proud to have made the decision to reward their performance, particularly during this time of increased living costs across the UK.

Throughout the Covid pandemic, our go-centric team has been on the front line - delivering the highest quality service as part of the country's national response. We are incredibly proud of our role and even prouder of the dedication and commitment of our team members.

go-centric is now entering a further period of growth through expansion into new markets, building upon our investment and experience in technology services; our unrivalled sales and marketing function; and our growing referral partner network. Additionally, by securing our place in 2021 alongside a small number of other leading providers on the Crown Commercial Service Framework for Outsourced Contact Centre and Business Services, we are well placed to realise our ambitious growth targets. go-centric was delighted to be awarded the very first contract on the framework since our inclusion, and with a further 7 bids due to be launched in the coming months we have confidence that this be added to in the near future.

Supporting the NHS

- go-centric was at the heart of the UK's response to the Covid pandemic. Working on behalf of the UK Government, we helped deliver the Test and Trace service at the height of lockdown.

- In 2021, go-centric was also awarded an NHS National Services Scotland contract for additional call centre capacity in relation to Covid-19 in recognition of our outstanding performance.

- We have handled more than 500,000 Covid-related contacts, and we are incredibly proud of work supporting the NHS.

Supporting our workers

- In the past 12 months, our workforce has grown from 400 agents to around 1,000 agents and a total workforce in excess of 1,100. It is our expectation that we will continue to grow our workforce in 2022.

- We offer an inclusive and friendly culture, fair work practices, and a health and wellbeing initiative.

- We take particular pride in providing training and experience to the long-term unemployed, helping them get back into the routine of work and we are also proud to be a disability confident employer.

- We offer career-long learning and development for our workforce; we are committed to vocational training such as our successful apprenticeships and work experience schemes; and were recently approved for the UK Government's Kickstarter initiative.

- During 2021 we appointed an Ambassador Committee, drawn from all departments and roles within the organisation in order to best represent each member of our workforce. The Committee meets and liaises with board members on a monthly basis, with a two-way flow of information.

Supporting the economy

- We are proud to create opportunities for people to gain new jobs, learn new skills and build a career in a professional industry, while achieving a sense of self-worth, pride and satisfaction by helping others.

- From our roots in Glasgow, we are now spread throughout the UK as well as establishing a new base in London. We are heavily involved in the economy of Glasgow we are looking to replicate this across the UK.

- We are contributing to the national drive to increase skills and employability by working with selected partners to directly assist in the transference of skills in a changing employment landscape, in addition to supporting Scotland's Youth Guarantee and National Transition Training Programme.

Supporting charities

- go-centric is proud to assist a number of local and national charities as well as work in partnership with a range of community organisations. Over the course of the pandemic we have provided lifeline support to people - minimising isolation, providing advice and signposting to relevant organisations.

- We run fun, charity fundraising events throughout the year and partner with our clients to support their local, charitable causes, particularly in relation to homelessness.

Moving to net zero

- go-centric takes our commitment to net zero seriously and commissioned an independent assessment of the business to provide a baseline.

- This report has now been received and we are undertaking a number of initiatives to reduce our carbon footprint in order to achieve net zero by 2025.

- Our new offices in Glasgow are designed to minimise our carbon footprint and the Board have planned a tree planting programme which commenced in 2021 which will continue in 2022.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have established a framework of policies and procedures having regard to relevant laws, standards, principles and rules with the aim to operate a defined and transparent risk management framework and risk control programme. These policies and procedures are updated as required. The risk control programme informs and the Board on the risks managed by the business. The Directors determine how those risks may be mitigated and assess on an ongoing basis the arrangements to manage those risks.

There are a number of potential risks and uncertainties which could have a material impact on the Company's operations and financial performance. The sections below identify the known principal risks across operations, finance and our strategic business environment. The sections are not intended to be exhaustive and the principal risks are not listed in order of seriousness or potential impact. There may also be risks that are not currently considered to be serious or which are currently unknown and risks that are outside of go-centric's control. Where reasonably possible, the Company has taken steps to manage or mitigate the risks, or potential risks, but it cannot entirely safeguard against all of them.

Liquidity and other financial risk

The board manages its cash flow and credit risks with regular working capital reporting and controls to keep trade debtors within acceptable levels, and ensure sufficient cash is on hand to meet the Company's liabilities as we approach settlement due dates. The Company's cash balances are held at financial institutions that have credit ratings that meet the Board's criteria.

Customer Credit Exposure

The Company will commonly offer credit terms to its clients which allow payment of the debt after the delivery of the services, thus presenting a risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by strong on-going customer relationships, the assessment of an individual company's credit risk prior to commencing business with them and finally ongoing monitoring through a leading credit agency.

Interest Rate Cashflow Risk

The Company is exposed to interest rate fluctuations to the extent of its term loan and cashflow facility, both of which are subject to variable interest rates. As total borrowings as a percentage of gross assets are low this risk is mitigated by ensuring that sufficient reserves are in place should interest rates increase substantially.

Loss of a key client

Although the Company boasts extremely high levels of client retention, no complacency in this regard is permitted. Our success is predominantly as a result of continuous improvement programmes, resulting in high levels of quality; close monitoring of contract renewal dates; building and maintaining client relationships; and an overarching aim of providing value plus to our clients. This ensures that our pursuit of onboarding new clients does not impinge on our ability to maintain our existing base.

Operational risks

The Company is exposed to operational risk through the conduct of its business activities. Operational risk could arise as a result of inadequate or failed internal processes, people or systems, or from external events. The Company invests in its employees and their development to ensure it attracts and retains the best talent. We continue to make key hires in senior roles with significant experience in their respective specialisms with a view to ensuring continuity of supply and leadership as the business continues to scale. Operational risks are monitored and addressed by the Board through monthly reviews of management information and the Company's risk register, which is updated on an ongoing basis.

Loss of Key Personnel

As a business we retain our staff through good working practices, strong relationships, and a competitive remuneration and benefits system. We maintain and review adequate insurance cover for all of our key personnel.

Other notable risks

Although both Brexit and the Ukraine conflict has seen little impact to the Company to date, continued financial impact to the country as a whole may as a consequence affect demand for the Company's services. We consider this risk to be mitigated by our exposure to the energy sector, as price increases, supplier changes and potential supply disruption prompt higher volumes that other factors such as an overall decrease in demand.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company monitors performance through the measurement of Revenue, Gross Margin, EBITDA, EBIT, Cash Generation and Employee Attrition data together with a range of client specific measures. These measures will continue to be the focus of the Company to ensure it delivers for its employees, clients and shareholders.

FUTURE DEVELOPMENTS

Our overall strategy for 2022 remains as it was for 2021, namely delivering operational excellence on behalf of our clients as a driver towards sustainable revenue growth. We are proud to be considered integral to our clients' businesses, and by ensuring high levels of satisfaction we approach 2022 with confidence in our ability to continue to do so and to attract new strategic partners.

Our new Head Office recently opened in the heart of Glasgow's city centre and reflects our values with every aspect created with our people and collaboration at the forefront. We are proud to have created what we hope will be the first of a number of innovation hubs throughout the UK, facilitating colleagues in sharing ideas and supporting each other to find the best solutions for our and our clients' businesses.

ON BEHALF OF THE BOARD:

D J L Harper - Director

18 May 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was the operation of a call centre.

DIVIDENDS

An interim dividend of £13.15 per share on the Ordinary A £1 shares was paid on 31 July 2021. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2021 will be £ 125,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

D J L Harper

G M Krasner FCA

Other changes in directors holding office are as follows:

K Arrol - appointed 15 July 2021

J R Beal - appointed 1 December 2021

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

AUDITORS

The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J L Harper - Director

18 May 2022

Opinion

We have audited the financial statements of Go-Centric Limited (the 'company') for the year ended 31 December 2021 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Annual Report, 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 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.

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.

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.

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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was capable of detecting irregularities, including fraud

The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls.

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.

David Stansfield (Senior Statutory Auditor)

for and on behalf of Sedulo Audit Limited

Statutory Auditors

Regency Court

62-66 Deansgate

Manchester

M3 2EN

18 May 2022

TURNOVER

20,791,392

4,895,931

Cost of sales

13,318,406

2,789,349

GROSS PROFIT

7,472,986

2,106,582

Administrative expenses

5,906,593

1,784,499

1,566,393

322,083

Other operating income

30,141

3,710

OPERATING PROFIT

4

1,596,534

325,793

Interest payable and similar expenses

5

2,976

22,580

PROFIT BEFORE TAXATION

1,593,558

303,213

Tax on profit

6

263,362

62,847

PROFIT FOR THE FINANCIAL YEAR

1,330,196

240,366

PROFIT FOR THE YEAR

1,330,196

240,366

OTHER COMPREHENSIVE INCOME

Bonus issue of shares

-

(9,000

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(9,000

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,330,196

231,366

FIXED ASSETS

Intangible assets

8

1

1

Tangible assets

9

670,553

47,255

670,554

47,256

CURRENT ASSETS

Debtors

10

4,289,668

719,497

Cash at bank and in hand

71,448

398,094

4,361,116

1,117,591

CREDITORS

Amounts falling due within one year

11

3,072,698

956,382

NET CURRENT ASSETS

1,288,418

161,209

TOTAL ASSETS LESS CURRENT LIABILITIES

1,958,972

208,465

CREDITORS

Amounts falling due after more than one year

12

(450,833

)

(43,333

)

PROVISIONS FOR LIABILITIES

15

(145,433

)

(8,122

)

NET ASSETS

1,362,706

157,010

CAPITAL AND RESERVES

Called up share capital

16

10,000

9,500

Retained earnings

17

1,352,706

147,510

SHAREHOLDERS' FUNDS

1,362,706

157,010

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2022 and were signed on its behalf by:

D J L Harper - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2020

500

(83,856

)

(83,356

)

Changes in equity

Issue of share capital

9,000

-

9,000

Total comprehensive income

-

231,366

231,366

Balance at 31 December 2020

9,500

147,510

157,010

Changes in equity

Issue of share capital

500

-

500

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

1,330,196

1,330,196

Balance at 31 December 2021

10,000

1,352,706

1,362,706

Cash flows from operating activities

Cash generated from operations

1

(763,250

)

483,247

Interest paid

(2,976

)

(22,580

)

Net cash from operating activities

(766,226

)

460,667

Cash flows from investing activities

Purchase of tangible fixed assets

(851,380

)

(31,495

)

Net cash from investing activities

(851,380

)

(31,495

)

Cash flows from financing activities

New bank loans in year

500,000

50,000

Loan repayments in year

(5,833

)

(200,000

)

Movement on invoice discounting loan

998,880

-

Amount introduced by directors

25,000

-

Amount withdrawn by directors

(102,587

)

-

Share issue

500

-

Equity dividends paid

(125,000

)

-

Net cash from financing activities

1,290,960

(150,000

)

(Decrease)/increase in cash and cash equivalents

(326,646

)

279,172

Cash and cash equivalents at beginning of year

2

398,094

118,922

Cash and cash equivalents at end of year

2

71,448

398,094

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.21

31.12.20

£

£

Profit before taxation

1,593,558

303,213

Depreciation charges

97,171

11,542

Loss on disposal of fixed assets

130,911

-

Finance costs

2,976

22,580

1,824,616

337,335

Increase in trade and other debtors

(3,492,584

)

(421,611

)

Increase in trade and other creditors

904,718

567,523

Cash generated from operations

(763,250

)

483,247

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 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

71,448

398,094

Year ended 31 December 2020

31.12.20

1.1.20

£

£

Cash and cash equivalents

398,094

118,922

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.21

Cash flow

At 31.12.21

£

£

£

Net cash

Cash at bank and in hand

398,094

(326,646

)

71,448

398,094

(326,646

)

71,448

Debt

Debts falling due within 1 year

(6,667

)

(1,085,547

)

(1,092,214

)

Debts falling due after 1 year

(43,333

)

(407,500

)

(450,833

)

(50,000

)

(1,493,047

)

(1,543,047

)

Total

348,094

(1,819,693

)

(1,471,599

)

1.	STATUTORY INFORMATION

Go-Centric 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.

The principal activity of the company in the period under review was the operation of a call centre.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company had moved to a remote working model prior to the original Coronavirus lockdown restrictions and this continues to be in place. By implementing this at an earlier stage the company was able to adapt its service offering to ensure that all existing and new clients' needs could be were met with no breaks in service or significant operational disruption, and with rapid deployment for new campaigns as necessary.

As a result the company has reported a significant increase in profitability and working capital. The company prepares short to medium term forecasts and based on these expects continued expansion from existing and new clients, with consequent increase in profitability and working capital.

Accordingly at the time of signing these accounts the directors are of the opinion that the company will remain viable for the foreseeable future and therefore these financial statements have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of consideration receivable, excluding value added tax, for services provided in the period.

Intangible assets

Intangible assets, comprising Goodwill and Intellectual Property, 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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Over the life of the lease

Fixtures and fittings

-

25% on cost

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

31.12.21

31.12.20

£

£

Wages and salaries

15,075,061

3,004,734

Social security costs

1,016,367

182,665

Other pension costs

122,383

20,880

16,213,811

3,208,279

The average number of employees during the year was as follows:

31.12.21

31.12.20

Call centre and administrative

980

191

31.12.21

31.12.20

£

£

Directors' remuneration

99,167

50,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.21

31.12.20

£

£

Hire of plant and machinery

20,866

3,154

Depreciation - owned assets

97,171

11,542

Loss on disposal of fixed assets

130,911

-

Auditors' remuneration

9,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.21

31.12.20

£

£

Other interest

2,335

2,580

Loan interest

641

20,000

2,976

22,580

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.21

31.12.20

£

£

Current tax:

UK corporation tax

159,437

33,386

Adjustment to prior year tax

charge

(33,386

)

-

Total current tax

126,051

33,386

Deferred tax

137,311

29,461

Tax on profit

263,362

62,847