Cook Recruitment Group Ltd - Limited company accounts 23.2
Cook Recruitment Group Ltd - Limited company accounts 23.2
| REGISTERED NUMBER: 11570482 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| FOR |
| COOK RECRUITMENT GROUP LTD |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| COOK RECRUITMENT GROUP LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 2 Manor Farm Court |
| Old Wolverton Road |
| Old Wolverton |
| Milton Keynes |
| Buckinghamshire |
| MK12 5NN |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| The directors present their strategic report of the company and the group for the year ended 28 February 2023. |
| REVIEW OF BUSINESS |
| Cook Recruitment Group Ltd was incorporated on 14 September 2018. |
| During the year ended 28 February 2023 the Group continued to be leading suppliers of temporary staff into both NHS and independent hospitals throughout the UK with the provision of doctors, nurses and AHP's. |
| The subsidiary companies have continued to experience growth in turnover compared to prior years, resulting in a positive result for the Group for the period. The growth in turnover and associated profitability is inline with the Directors expectations. |
| The Directors attribute this growth to the continuation of framework agreements (a framework agreement lists organisations that have been assessed to deliver products and services based on quality and commercial criteria) together with new customers both in the private and public sector giving higher volumes of trading. |
| Future Developments |
| The Group will continue to remain competitive and invest in its divisions of doctors, nursing and AHP's. It will also look to extend its proven platform, partner nationally and add client value. |
| Cost Efficiencies |
| The Group is using an outsourcing company in India to make use of the cost effective resource available in order to manage the Group cost base and invest further in the UK operations. |
| The group continues to invest in bespoke software to enhance efficiencies and automation |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Set out below are some of the principal risks and uncertainties identified by the directors which exist within the Group and are actively dealt with by the directors but nevertheless, could adversely affect the Group, results of operations and financial condition of the Group. The following risk information is not intended to be a comprehensive overview of risks inherent within the business. |
| Government funding |
| The Group relies on government funding for its NHS clients. In order to help reduce the financial burden on its NHS clients it provides its services under national framework agreements adhering to capped rates at predetermined levels. |
| Financial |
| The Group uses an invoice discounting facility to ensure it can manage its working capital. It produces short term and long term cashflows to ensure this facility is sufficient to meet demand. |
| The directors are mindful on the impact in the volatility in interest rates and it is monitored closely to ensure the risk is managed |
| Brexit |
| The United Kingdom ended its transition to leave the EU on 1st January 2021 and introduced a points based immigration system. This system makes exceptions for the majority of health care professionals via a new fast track visa route known as the Health and Care Worker Visa. The directors continue to see the demand for EU healthcare workers. |
| COVID-19 |
| The COVID-19 pandemic and the ensuing economic shutdown has not had a significant impact on the Company's operations. This is as expected due to the essential recruitment services the Company. provides to the NHS and healthcare sector. Due to this fact turnover and profit in the COVID-19 lockdown period was not materially affected. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| Mission |
| The Groups' mission is to strive to change the lives, not just their own, but also those they work with. They inspire them to achieve the extraordinary. |
| Culture |
| The Group represents the principles of Family, Excellence and Integrity. Its diverse family are its difference, it's their dedication, warmth and pursuit of excellence that sets them apart. It strives to deliver excellence across all its services, going above and beyond, making a real difference to every life it impacts by working with people who it would trust to care for their own families, acting with integrity and honesty when they are most needed. |
| Impact of the Groups operations on the community and the environment. |
| In addition to the charitable activities, the group actively promotes the use of electric vehicles, through an EV scheme open to all employees, to reduce the impact on the environment to reduce carbon emission. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors consider turnover, gross profit, and operating profit to be the key performance measures in monitoring and managing the business. |
| 28 February 28 February |
| 2023 | 2022 |
| £ | £ |
| Turnover | 84,147,295 | 48,133,157 |
| Gross profit | 14,683,775 | 9,671,035 |
| Operating profit | 3,511,981 | 1,371,537 |
| The growth in turnover and associated profitability is inline with the Directors expectations. As referred to above, the Directors attribute this growth to the continuation of framework agreements, together with new customers both in the private and public sector giving higher volumes of trading. |
| Other key performance indicators |
| The Group also uses non-financial performance indicators including but not limited to: |
| Framework audits - The Directors are delighted to have passed all audits during the year for the doctors and nursing frameworks. |
| Work place engagement - The group has a Social, Benefits and Wellbeing committee to enhance morale, engagement, happiness and the general atmosphere of the group. This increases employee work efficiency and helps to retain talented employees. |
| Local reputation - The Directors are keen to have a good local reputation and are proud to have successfully fundraised for local Charities including Willen Hospice and Oxford Children's Hospital. |
| ON BEHALF OF THE BOARD: |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023. |
| PRINCIPAL ACTIVITY |
| The principal activity of the Group in the year under review was that of recruitment consultants. |
| DIVIDENDS |
| Ordinary Dividend were paid during the year amounting to £1,132,504 (2022 : 500,000). The directors do not recommend payment of a further dividend. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| AUDITORS |
| The auditors, Ad Valorem Audit Services Limited, 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 |
| COOK RECRUITMENT GROUP LTD |
| Opinion |
| We have audited the financial statements of Cook Recruitment Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 28 February 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COOK RECRUITMENT GROUP LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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. |
| 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. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COOK RECRUITMENT GROUP LTD |
| 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. |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
| In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks. |
| Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud. |
| We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| The potential effect of these laws and regulations on the financial statements varies considerably. |
| Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: |
| - Employment legislation, reflecting the Company's workforce |
| - Health and safety regulation, reflecting the Company's production, distribution and operating processes |
| - Data privacy, reflecting the Company's management of personal and corporate data |
| Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COOK RECRUITMENT GROUP LTD |
| We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| 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 |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 2 Manor Farm Court |
| Old Wolverton Road |
| Old Wolverton |
| Milton Keynes |
| Buckinghamshire |
| MK12 5NN |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2023 | 2022 |
| as | restated |
| Notes | £ | £ |
| TURNOVER | 3 | 84,147,295 | 48,133,517 |
| Cost of sales | 69,463,520 | 38,462,482 |
| GROSS PROFIT | 14,683,775 | 9,671,035 |
| Administrative expenses | 11,171,794 | 8,299,498 |
| OPERATING PROFIT | 5 | 3,511,981 | 1,371,537 |
| Interest payable and similar expenses | 6 | 4,357 | 2,632 |
| PROFIT BEFORE TAXATION | 3,507,624 | 1,368,905 |
| Tax on profit | 7 | 710,897 | 273,904 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 2,796,727 | 1,095,001 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2023 | 2022 |
| as | restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 2,796,727 | 1,095,001 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,796,727 |
1,095,001 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,796,727 | 1,095,001 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONSOLIDATED BALANCE SHEET |
| 28 FEBRUARY 2023 |
| 2023 | 2022 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 365,128 | 428,629 |
| Tangible assets | 12 | 86,025 | 90,238 |
| Investments | 13 | - | - |
| 451,153 | 518,867 |
| CURRENT ASSETS |
| Debtors | 14 | 18,564,757 | 10,786,882 |
| Cash at bank and in hand | 15 | 745,225 | 419,185 |
| 19,309,982 | 11,206,067 |
| CREDITORS |
| Amounts falling due within one year | 16 | 15,760,779 | 9,392,868 |
| NET CURRENT ASSETS | 3,549,203 | 1,813,199 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,000,356 |
2,332,066 |
| PROVISIONS FOR LIABILITIES | 19 | 20,281 | 16,214 |
| NET ASSETS | 3,980,075 | 2,315,852 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 20 | 20 |
| Other reserves | 21 | 1,049,980 | 1,049,980 |
| Retained earnings | 21 | 2,930,075 | 1,265,852 |
| SHAREHOLDERS' FUNDS | 3,980,075 | 2,315,852 |
| The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by: |
| D A Cook - Director |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| COMPANY BALANCE SHEET |
| 28 FEBRUARY 2023 |
| 2023 | 2022 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank | 15 |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,191,239 | 395,108 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| Called up |
| share | Retained | Other | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2021 | 20 | 670,851 | 1,049,980 | 1,720,851 |
| Changes in equity |
| Dividends | - | (500,000 | ) | - | (500,000 | ) |
| Total comprehensive income | - | 1,095,001 | - | 1,095,001 |
| Balance at 28 February 2022 | 20 | 1,265,852 | 1,049,980 | 2,315,852 |
| Changes in equity |
| Dividends | - | (1,132,504 | ) | - | (1,132,504 | ) |
| Total comprehensive income | - | 2,796,727 | - | 2,796,727 |
| Balance at 28 February 2023 | 20 | 2,930,075 | 1,049,980 | 3,980,075 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| Called up |
| share | Retained | Other | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2021 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 28 February 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 28 February 2023 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2023 | 2022 |
| as | restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,620,460 | 1,863,708 |
| Interest paid | (4,142 | ) | (2,632 | ) |
| Finance costs paid | (215 | ) | - |
| Tax paid | - | (237,375 | ) |
| Tax repaid | 4,357 | - |
| Net cash from operating activities | 1,620,460 | 1,623,701 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (53,855 | ) | (67,652 | ) |
| Net cash from investing activities | (53,855 | ) | (67,652 | ) |
| Cash flows from financing activities |
| Loan repayments in year | - | (1,305,193 | ) |
| Amount introduced by directors | - | 429,791 |
| Amount withdrawn by directors | (110,718 | ) | - |
| Equity dividends paid | (1,132,504 | ) | (500,000 | ) |
| Net cash from financing activities | (1,243,222 | ) | (1,375,402 | ) |
| Increase in cash and cash equivalents | 323,383 | 180,647 |
| Cash and cash equivalents at beginning of year |
2 |
419,185 |
238,538 |
| Cash and cash equivalents at end of year |
2 |
742,568 |
419,185 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Profit before taxation | 3,507,624 | 1,368,905 |
| Depreciation charges | 121,569 | 110,665 |
| Finance costs | 4,357 | 2,632 |
| 3,633,550 | 1,482,202 |
| Increase in trade and other debtors | (7,777,875 | ) | (4,460,247 | ) |
| Increase in trade and other creditors | 5,764,785 | 4,841,753 |
| Cash generated from operations | 1,620,460 | 1,863,708 |
| 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 28 February 2023 |
| 28/2/23 | 1/3/22 |
| £ | £ |
| Cash and cash equivalents | 745,225 | 419,185 |
| Bank overdrafts | (2,657 | ) | - |
| 742,568 | 419,185 |
| Year ended 28 February 2022 |
| 28/2/22 | 1/3/21 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 419,185 | 238,538 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/3/22 | Cash flow | At 28/2/23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 419,185 | 326,040 | 745,225 |
| Bank overdrafts | - | (2,657 | ) | (2,657 | ) |
| 419,185 | 323,383 | 742,568 |
| Total | 419,185 | 323,383 | 742,568 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 1. | STATUTORY INFORMATION |
| Cook Recruitment Group Ltd is a |
| 2. | ACCOUNTING POLICIES |
| BUSINESS COMBINATIONS |
| In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. |
| BASIS OF CONSOLIDATION |
| The consolidated group financial statements consist of the financial statement of the parent company Cook Recruitment Ltd together with all entities controlled by the parent company ( Its Subsidiaries ) and the group share of its interest in joint ventures and associates. |
| All financial elements are made up to 28 February 2023. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
| All intra group transactions, balances and unrealised gains on transaction between group companies are eliminated on consolidation, unrealised losses are also eliminated unless the transaction provides evidence of an impairment of asset transferred. |
| Subsidiaries are consolidated in the group financial statements from the date that control commences until the date control ceases. |
| SIGNIFICANT JUDGEMENTS AND ESTIMATES |
| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimated and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period and future periods where the revision affects both current and future periods. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| TURNOVER |
| Turnover is recognised to the extent that it is probable that the economics benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration receivable or receivable, excluding discounts, rebates, value added tax and other sales tax. The following criteria must also be met before revenue is recognised. |
| Rendering of Services |
| Revenue from the contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied. |
| a) The amount of the revenue can be measured reliably. |
| b) It is probable that the Group will receive the consideration due under the contract. |
| c) The stage of completion of the contract at the end of the reporting period can be measured reliable. |
| d) The cost incured and the cost to complete of the contract can be measured reliably. |
| INTANGIBLE FIXED ASSETS-GOODWILL |
| Goodwill represents the excess of the cost of acquisition of a bushiness over the fair value of net assets acquired. It is initially recognised as an assets at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
| For the purpose of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the acquisition. Cash generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amounts of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each assets in the unit. |
| TANGIBLE FIXED ASSETS |
| Tangible fixed assets are initially measured at costs and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful life on the following bases: |
| Plant and Equipment | 25% |
| Fixtures and Fittings | 33% |
| Computers | 25% |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets, and is recognised in the profit and loss account. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| FINANCIAL INSTRUMENTS |
| The group has elected to apply the provisions of section 11 'Basics Financial Instruments' and section 12 'Other Financial Instrument Issues' of FRS102 to all of its financial instruments. |
| Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provision of the instruments. |
| Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets which include debtors and cash and bank balances are initially measured at transactions price including transactions costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Other financial assets |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets other than those held at fair value through profit and loss are assessed for indicators of impairment at each reporting date. |
| Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flow have been affected. If an asset is impaired, the impairment loss is the difference between carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised, The impairment reversal is recognised in profit and loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual right to the cash flow from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risk and reward of ownership to another entity, or if some significant risks and reward of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirely to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An entity instruments is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
| Basic financial liabilities |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt 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 market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value. Changes in the fair value on the date of the derivative are recognised in the profit and loss in finance cost or income as appropriate, unless hedge accounting is applied and the hedge is cashflow hedge. |
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit and loss. Debt instruments may be designated as being measured at fair value through profit and loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the group's contractual obligation expire or are discharged or cancelled. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund, The pension cost charge represents contributions payable by the group to the fund and amounted to £104,752 ( 2022- £88,742). |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Doctors | 68,159,309 | 39,950,819 |
| Nurses | 15,987,986 | 8,182,698 |
| 84,147,295 | 48,133,517 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Wages and salaries | 8,563,041 | 5,931,032 |
| Social security costs | 960,097 | 685,004 |
| Other pension costs | 104,752 | 88,742 |
| 9,627,890 | 6,704,778 |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| as | restated |
| The average number of employees by undertakings that were proportionately consolidated during the year was 147 (2022 - 106 ) . |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Directors' remuneration | 204,012 | 442,455 |
| Directors' pension contributions to money purchase schemes | 2,752 | 2,640 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Emoluments etc | 152,532 | 151,904 |
| Pension contributions to money purchase schemes | 1,321 | 1,320 |
| The company has no employees other than the directors, who did not receive any remuneration (2022 - £Nil) through Cook Recruitment Group Ltd. The Directors receive remuneration through the trading subsidiaries which is disclosed in note 4. |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Hire of plant and machinery | 20,127 | 18,554 |
| Other operating leases | 191,722 | 198,872 |
| Depreciation - owned assets | 58,068 | 47,165 |
| Goodwill amortisation | 63,501 | 63,501 |
| Auditors' remuneration | 6,450 | 5,625 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Bank interest | - | 2,632 |
| Interest payable | 4,142 | - |
| Interest paid on overdue tax | 215 | - |
| 4,357 | 2,632 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 706,830 | 270,011 |
| Deferred tax | 4,067 | 3,893 |
| Tax on profit | 710,897 | 273,904 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 7. | TAXATION - continued |
| 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: |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Profit before tax | 3,507,624 | 1,368,905 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
666,449 |
260,092 |
| Effects of: |
| Expenses not deductible for tax purposes | 36,043 | 4,529 |
| Capital allowances in excess of depreciation | (2,269 | ) | (7,604 | ) |
| Adjustments to tax charge in respect of previous periods | (4,529 | ) | 3,893 |
| Movement in deferred tax | 4,067 | - |
| Amortisation on assets not qualifying for tax allowances | 12,065 | 12,065 |
| Losses carried forward | - | 929 |
| Losses utilized | (929 | ) | - |
| Total tax charge | 710,897 | 273,904 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Ordinary A shares of £.01 each |
| Final | 1,132,504 | 500,000 |
| 10. | PRIOR YEAR ADJUSTMENT |
| In the prior year, the group profit before tax was overstated by £400,000 in relation to a dividend receivable from a subsidiary company. This entry has been derecognised on consolidation as a prior year adjustment. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 March 2022 |
| and 28 February 2023 | 635,007 |
| AMORTISATION |
| At 1 March 2022 | 206,378 |
| Amortisation for year | 63,501 |
| At 28 February 2023 | 269,879 |
| NET BOOK VALUE |
| At 28 February 2023 | 365,128 |
| At 28 February 2022 | 428,629 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2022 | 29,489 | 47,783 | 186,082 | 263,354 |
| Additions | - | 12,262 | 41,593 | 53,855 |
| At 28 February 2023 | 29,489 | 60,045 | 227,675 | 317,209 |
| DEPRECIATION |
| At 1 March 2022 | 29,489 | 21,245 | 122,382 | 173,116 |
| Charge for year | - | 14,962 | 43,106 | 58,068 |
| At 28 February 2023 | 29,489 | 36,207 | 165,488 | 231,184 |
| NET BOOK VALUE |
| At 28 February 2023 | - | 23,838 | 62,187 | 86,025 |
| At 28 February 2022 | - | 26,538 | 63,700 | 90,238 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 March 2022 |
| and 28 February 2023 |
| NET BOOK VALUE |
| At 28 February 2023 |
| At 28 February 2022 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| National Locums Ltd |
| Registered office: 7b Clarendon Drive, Wymbush, Milton Keynes, Buckinghamshire, MK8 8ED |
| Nature of business: Temporary employment agency activities |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves | 1,344,378 | 498,165 |
| Profit for the year | 1,446,213 | 98,739 |
| Locum People Ltd |
| Registered office: 7b Clarendon Drive, Wymbush, Milton Keynes, Buckinghamshire, MK8 8ED |
| Nature of business: Temporary employment agency activities |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves | 2,244,314 | 1,505,890 |
| Profit for the year | 1,338,424 | 1,034,805 |
| Medi Team Recruitment |
| Registered office: 2 Milton Keynes Business Centre, Linford Wood, Milton Keynes, Buckinghamshire, MK14 6GD |
| Nature of business: Temporary employment agency activities |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves | 116,446 | 55,932 |
| Profit for the year | 60,514 | 53,687 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| NL(Australia) Group Limited |
| Registered office: 7b Clarendon Drive, Wymbush,Milton Keynes Buckinghamshire,MK8 8ED |
| Nature of business: Sales and Lettings |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves | 1,008 | 1,008 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Trade debtors | 15,771,557 | 9,540,197 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by associates | 100,000 | 131,000 |
| Other debtors | 2,577,484 | 970,485 |
| Prepayments | 115,716 | 145,200 |
| 18,564,757 | 10,786,882 |
| 15. | CASH AT BANK AND IN HAND |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated |
as restated |
| £ | £ | £ | £ |
| NatWest current account | 713,873 | 363,695 | - | 2,032 |
| NatWest USD account | 30,440 | 54,349 | 33,300 | 53,709 |
| Paypal account | - | 154 | - | - |
| Cash in hand | 912 | 987 |
| 745,225 | 419,185 | 33,300 | 55,741 |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid assets investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings current liabilities. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 2,657 | - |
| Trade creditors | 823,899 | 158,828 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to associates | 90,550 | - | - | - |
| Tax | 969,411 | 258,224 |
| Social security and other taxes | 442,709 | 245,427 |
| VAT | 1,126,504 | 748,387 | - | - |
| Other creditors | 1,818,373 | 685,864 |
| Factoring account | 9,662,579 | 6,327,590 | - | - |
| Directors' current accounts | 319,073 | 429,791 | 319,073 | 429,791 |
| Accruals and deferred income | 505,024 | 538,757 |
| 15,760,779 | 9,392,868 |
| The proceeds of factored debts are provided by the Royal Bank of scotland Plc. Royal Bank of Scotland Plc holds fixed and floating charges over the Group's asset as security for the facility. |
| The directors have provided a joint guarantee of £120,000 in relation to the facility. |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 2,657 | - |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable | operating leases |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Within one year | 140,530 | 140,530 |
| Between one and five years | 46,843 | 187,373 |
| 187,373 | 327,903 |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2023 | 2022 |
| as | restated |
| £ | £ |
| Deferred tax | 20,281 | 16,214 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2022 | 16,214 |
| Charge to Income Statement during year | 4,067 |
| Balance at 28 February 2023 | 20,281 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | as restated |
| £ | £ |
| Ordinary A | £.01 | 10 | 20 |
| Ordinary B | £.01 | 10 | - |
| 20 | 20 |
| The Ordinary A shares have full voting rights and full entitlement to profit and capital distribution. The Ordinary B shares have no voting right and are entitled to dividend only. |
| 21. | RESERVES |
| The reserves represents the cumulative profits and losses after payment of dividends. |
| 22. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £70,354 (2022 - £61,249). Contributions totalling £30,693 (2022 - £30,299) were payable to the fund at the balance sheet date and are included in other creditors. |
| 23. | ULTIMATE PARENT COMPANY |
| In the opinion of the directors, there is no controlling party of Cook Recruitment Group Ltd. |
| COOK RECRUITMENT GROUP LTD (REGISTERED NUMBER: 11570482) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 24. | SHARE-BASED PAYMENT TRANSACTIONS |
| On 19 July 2019 the Group granted new share options. The options provided 2 employees of National Locum and 2 employees of Locum People with the right to buy 43 A shares each in the ultimate parent undertaking. Cook Recruitment Group Ltd. |
| These share options replaced existing options in National Locum and Locum People Ltd. |
| The exercise price on all options was £621.64 per share. |
| The options can only be exercised on the sale or disposal of the company. |
| The options will lapse upon the termination of the individuals contract of employment or 10 years from the date of grant. |
| The directors believe that it not probable that there will be successful sales or disposal within the exercise period at the balance sheet date and aim to continue to grow the company organically. Therefore the number of share options expect to vest is zero. As a result, no accounting entries are recognised. |