Group 24 Limited - Limited company accounts 16.3
Group 24 Limited - Limited company accounts 16.3
REGISTERED NUMBER: |
GROUP 24 LIMITED |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 6 |
Balance Sheet | 7 |
Notes to the Financial Statements | 8 |
GROUP 24 LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Albury Mill |
Mill Lane |
Chilworth |
Guildford |
Surrey |
GU4 8RU |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2016 |
The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of |
this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law |
the directors must not approve the financial statements unless they are satisfied that they give a true and fair |
view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing |
these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information and |
to establish that the company's auditors are aware of that information. |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2016 |
AUDITORS |
The auditor, Bessler Hendrie, Chartered Accountants, has indicated a willingness to continue in office. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GROUP 24 LIMITED |
We have audited the financial statements of Group 24 Limited for the year ended 31 December 2016 on pages |
six to ten. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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. |
Respective responsibilities of directors and auditors |
Scope of the audit of the financial statements |
A description of the scope of an audit of financial statements is provided on the FRC's website at |
www.frc.org.uk/auditscopeukprivate. |
Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2016 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. |
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of |
the Directors for the financial year for which the financial statements are prepared is consistent with the |
financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material |
misstatements in the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GROUP 24 LIMITED |
Matters on which we are required to report by exception |
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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Albury Mill |
Mill Lane |
Chilworth |
Guildford |
Surrey |
GU4 8RU |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
INCOME STATEMENT |
for the year ended 31 December 2016 |
2016 | 2015 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
BALANCE SHEET |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on behalf by: |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Group 24 Limited is a |
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 the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 (FRS 102 1A) "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland" and the Companies Act 2006. Unless indicated otherwise in the |
accounting policies below, the financial statements have been prepared under the historical cost |
convention. |
The financial statements are prepared on a going concern basis as the directors consider this to be |
appropriate given the anticipated ongoing profitability of the business and on the basis that the company |
has sufficient financial resources which will allow the company to manage its business risks in the |
foreseeable future. |
Turnover |
Turnover represents the fair value of consideration receivable for the sale of services in the ordinary |
course of the business, excluding Value Added Tax. |
Taxation |
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior |
years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively |
enacted by the period end. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events that result in an obligation to pay more tax in the future |
or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are |
differences between the company's taxable profits and its results as stated in the financial statements. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which |
timing differences are expected to reverse, based on tax rates and laws that have been enacted or |
substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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 the income statement in the period to which they relate. |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
The company uses invoice discounting to obtain finance in respect of trade debts issued to non-related |
companies. The company has full recourse for the debts. Invoice discounting costs are charged to the |
income statement for the period to which they relate. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was Nil (2015: Nil). |
The company shares administrative resources with ID Medical Group Limited, a company under common |
control, and consequently the company has access to the employees of that company to run its |
administrative operations. Recharges are made between the companies, as appropriate. |
4. | AUDITORS' REMUNERATION |
2016 | 2015 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,700 |
1,650 |
5. | DIVIDENDS |
2016 | 2015 |
£ | £ |
Ordinary shares of £0.02 each |
Interim | - | 500,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Amounts owed by related companies | 246,692 | - |
Other debtors |
GROUP 24 LIMITED (REGISTERED NUMBER: 08057994) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to related companies |
Taxation and social security |
Other creditors |
Bank loans and overdrafts of £304,537 (2015: £271,812) relate to a loan from HSBC Invoice Finance (UK) |
Limited in respect of invoice discounting. The loan is secured by a fixed and floating charge over all the |
assets of the company. |
8. | CONTINGENT LIABILITIES |
At 31 December 2016 the company held bank facilities in a group with ID Medical Group Limited and |
Recruitment Express Limited, companies under common control, in respect of loans from HSBC Invoice |
Finance (UK) Limited. These were supported by cross guarantees, the total liability of which was |
£16,155,390 (2015: £20,687,512) at the year end. Of this amount £304,537 (2015: £271,812) is included |
as a creditor in these financial statements, £15,041,806 (2015: £19,284,459) is included as a creditor in |
the financial statements of ID Medical Group Limited and £809,047 (2015: £1,131,241) is included as a |
creditor in the financial statements of Recruitment Express Limited. |
The company does not anticipate that this guarantee will be called upon. |
9. | POST BALANCE SHEET EVENTS |
After the year end, the company has provided a guarantee in relation to a loan facility of £3,000,000 |
from HSBC Bank Plc, taken out by ID Medical Group Limited, a company under common control. The |
facility is secured by a fixed and floating charge over all assets of this company together with the assets |
of ID Medical Group Limited and Recruitment Express Limited. Two of the directors have also provided a |
personal guarantee limited to £1,000,000 in connection with this facility. The company does not |
anticipate that these guarantees will be called upon. |