Mploy Staffing Solutions Limited - Limited company accounts 16.3

REGISTERED NUMBER: 04165754 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2017

for

Mploy Staffing Solutions Limited

Page

Company Information

1

Strategic Report

3

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

Mr M Nash

Mr D J Keogh

Mr E W Bebb

Mr M J P Swift

Mrs K Mieszkowska

Mrs R P Ord

Mr J M Raine

Mr P Dagley

Ms K M Luksa

Mr G Szczepaniak

Miss J A Piasecka

Mrs A Banks

Mrs K Kijewska

Mr D Whiteman

Ms H J Howard

Ms L M Keeping

Mr S A Nocon

Ms A Cebeniak

Ms N E Hayton

Miss B Grudzinska

SECRETARY:

Mr D J Keogh

REGISTERED OFFICE:

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

BUSINESS ADDRESS:

Vision House

236 - 244 High Street North

Poole

Dorset

BH15 1EA

REGISTERED NUMBER:

04165754 (England and Wales)

AUDITORS:

Ward Goodman

Registered Auditor

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

The Directors are pleased to report the trading results for the year to 31 March 2017 as set out on page 8. Turnover has

increased in line with expectations with significant amounts of new business and existing customers being serviced to

higher levels. We have seen the benefit of the new Yeovil office performing above expectation. The new head office in

Poole has allowed us to invest further in training and growing our back office support function. Our new Andover office

will open in July 2017, and we expect to see growth further North as this office matures. The board is focused on

securing 1 new office to open during period 17-18, or via an acquisition.

REVIEW OF BUSINESS

The growth in turnover of the business has seen bigger corporate opportunities present themselves and we have won a

national award recognising Mploy as one of the top 10 Gold Investors In People in the UK.

The company has seen a 65% increase in the volume of perm business as a result of focused training and the recruitment

of new dedicated permanent consultants. We hope to break the £1,000,000 in perm fees during year 17-18.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has no structured debt at the year-end and operates within its facilities so interest rate risk is minimal.

Credit risk is minimised through the use of credit rating services and insurance products.

ON BEHALF OF THE BOARD:

Mr M Nash - Director

7 September 2017

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a recruitment agency providing permanent

and temporary staff.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2017 will be £ 871,330 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report.

Mr M Nash

Mr D J Keogh

Mr E W Bebb

Mr M J P Swift

Mrs K Mieszkowska

Mrs R P Ord

Mr J M Raine

Mr P Dagley

Ms K M Luksa

Mr G Szczepaniak

Miss J A Piasecka

Mrs A Banks

Mrs K Kijewska

Mr D Whiteman

Other changes in directors holding office are as follows:

Miss A Lublinska - resigned 7 July 2016

Ms H J Howard - appointed 1 May 2016

Ms L M Keeping - appointed 1 May 2016

Mr S A Nocon - appointed 1 May 2016

Ms A Cebeniak , Ms N E Hayton and Miss B Grudzinska were appointed as directors after 31 March 2017 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The review of business, future developments and principal risks required to be stated in the Report of the Directors have

been chosen to be shown in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), 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, Ward Goodman, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Nash - Director

7 September 2017

Opinion

We have audited the financial statements of Mploy Staffing Solutions Limited (the 'company') for the year ended

31 March 2017 on pages eight to twenty four. 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).

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.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2017 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

Our opinion on the financial statements does not cover the other information and 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, 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.

Opinion 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

I M Rodd (Senior Statutory Auditor)

for and on behalf of Ward Goodman

Registered Auditor

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

7 September 2017

TURNOVER

21,856,771

18,564,439

Cost of sales

18,022,869

15,312,629

GROSS PROFIT

3,833,902

3,251,810

Administrative expenses

2,062,088

1,845,865

1,771,814

1,405,945

Other operating income

9,300

14,219

OPERATING PROFIT

5

1,781,114

1,420,164

Interest receivable and similar income

155

-

1,781,269

1,420,164

Interest payable and similar expenses

6

164,638

149,896

PROFIT BEFORE TAXATION

1,616,631

1,270,268

Tax on profit

7

313,220

265,797

PROFIT FOR THE FINANCIAL YEAR

1,303,411

1,004,471

PROFIT FOR THE YEAR

1,303,411

1,004,471

OTHER COMPREHENSIVE INCOME

Capital redemption reserve

50

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

50

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,303,461

1,004,471

FIXED ASSETS

Tangible assets

9

1,362,508

468,205

Investments

10

1

1

Investment property

11

-

71,883

1,362,509

540,089

CURRENT ASSETS

Debtors

12

3,764,458

3,390,714

Cash at bank and in hand

584,758

347,341

4,349,216

3,738,055

CREDITORS

Amounts falling due within one year

13

4,504,070

4,039,343

NET CURRENT LIABILITIES

(154,854

)

(301,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,207,655

238,801

CREDITORS

Amounts falling due after more than one year

14

(533,518

)

-

PROVISIONS FOR LIABILITIES

18

(16,738

)

(13,833

)

NET ASSETS

657,399

224,968

CAPITAL AND RESERVES

Called up share capital

19

9,030

8,730

Capital redemption reserve

20

150

100

Retained earnings

20

648,219

216,138

SHAREHOLDERS' FUNDS

657,399

224,968

The financial statements were approved by the Board of Directors on 7 September 2017 and were signed on its behalf by:

Mr M Nash - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2015

8,680

265,077

100

273,857

Changes in equity

Issue of share capital

50

-

-

50

Dividends

-

(1,053,410

)

-

(1,053,410

)

Total comprehensive income

-

1,004,471

-

1,004,471

Balance at 31 March 2016

8,730

216,138

100

224,968

Changes in equity

Issue of share capital

300

-

-

300

Dividends

-

(871,330

)

-

(871,330

)

Total comprehensive income

-

1,303,411

50

1,303,461

Balance at 31 March 2017

9,030

648,219

150

657,399

Cash flows from operating activities

Cash generated from operations

1

1,937,718

1,634,902

Interest paid

(164,638

)

(149,896

)

Tax paid

(268,014

)

(198,824

)

Net cash from operating activities

1,505,066

1,286,182

Cash flows from investing activities

Purchase of tangible fixed assets

(870,486

)

(27,297

)

Interest received

155

-

Net cash from investing activities

(870,331

)

(27,297

)

Cash flows from financing activities

New loans in year

533,518

-

Amount withdrawn by directors

(59,856

)

-

Share issue

300

50

Share buyback

50

-

Unpaid share capital

-

(50

)

Equity dividends paid

(871,330

)

(1,053,410

)

Net cash from financing activities

(397,318

)

(1,053,410

)

Increase in cash and cash equivalents

237,417

205,475

Cash and cash equivalents at beginning of year

2

347,341

141,866

Cash and cash equivalents at end of year

2

584,758

347,341

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2017

2016

£

£

Profit for the financial year

1,303,411

1,004,471

Depreciation charges

48,066

42,664

Finance costs

164,638

149,896

Finance income

(155

)

-

Taxation

313,220

265,797

1,829,180

1,462,828

Increase in trade and other debtors

(313,888

)

(970,253

)

Increase in trade and other creditors

422,426

1,142,327

Cash generated from operations

1,937,718

1,634,902

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of

these Statement of Financial Position amounts:

Year ended 31 March 2017

31.3.17

1.4.16

£

£

Cash and cash equivalents

584,758

347,341

Year ended 31 March 2016

31.3.16

1.4.15

£

£

Cash and cash equivalents

347,341

141,866

1.	STATUTORY INFORMATION

Mploy Staffing Solutions 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.

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 functional currency of the company is considered to be pounds sterling because that is the currency of the

primary economic environment in which the company operates.

Preparation of consolidated financial statements

The company has claimed exemption from preparing group accounts under Section 402 of the Companies Act

2006. The company's one subsidiary is has never traded and is therefore considered immaterial.

Significant judgements and estimates

In the application of the company's accounting policies, which are described below, 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 most significant judgement required is ascertaining the fair value of Investment Property. These estimates

and associated assumptions are based on historical experience, current market conditions and other factors that

are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both current and

future periods.

There are no areas that are considered to be key sources of estimation uncertainty.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

Straight line over 50 years

Improvements to property

-

Straight line over 20 years and Straight line over 7 years

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Included within other creditors at the balance sheet date were amounts due to the pension scheme of £35,879

(2016 - £26,097).

Debtors

Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Factoring charges

The company factors its trade debtors and factoring charges relating to this financing are included within other

operating charges.

3.	EMPLOYEES AND DIRECTORS

2017

2016

£

£

Wages and salaries

1,143,380

995,615

Social security costs

120,747

101,515

Other pension costs

86,721

86,196

1,350,848

1,183,326

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

2017

2016

Employed staff

39

34

Part time staff

3

3

42

37

4.	DIRECTORS' EMOLUMENTS

2017

2016

£

£

Directors' remuneration

561,214

533,850

Directors' pension contributions to money purchase schemes

86,721

86,196

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2017

2016

£

£

Emoluments etc

68,500

84,965

Pension contributions to money purchase schemes

-

6,336

5.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Other operating leases

54,010

106,837

Depreciation - owned assets

48,066

42,664

Auditors' remuneration

7,800

8,100

Auditors' remuneration for non audit work

12,447

12,706

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2017

2016

£

£

Bank interest

46

223

Bank loan interest

6,435

-

Factoring charges

117,308

113,704

Credit cover insurance

40,849

35,969

164,638

149,896