Premier People Solutions Limited - Accounts

Premier People Solutions Limited

Report and Financial Statements

31 March 2017

Registered number

05997338

Premier People Solutions Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Strategic report	4
Independent auditor's report	5
Income statement	7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12

Premier People Solutions Limited

Company Information

Directors

A Woodcock

D Pearson

J Harrison

Secretary

J Harrison

Auditors

Longleys

81 Melton Road

West Bridgford

Nottingham

NG2 6EN

Registered office

3 Derwent House

Richmond Business Park

Sidings Court

Doncaster

South Yorkshire

DN4 5NL

Registered number

05997338

Premier People Solutions Limited
Registered number:				05997338
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2017.
Principal activities
The company's principal activity during the year continued to be human resource provider and management of human resource functions.
Directors
The following persons served as directors during the year:
	A Woodcock
	D Pearson
	J Harrison
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he 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 auditor is aware of that information.

This report was approved by the board on 19 December 2017 and signed on its behalf.

A Woodcock J Harrison

Director

Premier People Solutions Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	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.

Premier People Solutions Limited

Strategic Report

The directors present their strategic report for the year ended 31 March 2017. Review of the business Both the level of business and year end financial position were satisfactory in the light of year end trading conditions. The results for the year are set out on page 7. Turnover increased from £10,581,914 to £14,701,178 an increase of 39%; the percentage of gross profit to sales increased by 10% to 33%; and profit before taxation increased by 263% to £1,608,814. Future developments The company seeks to consolidate its position within its market sector.

This report was approved by the board on 19 December 2017 and signed on its behalf.

A Woodcock J Harrison

Director

Premier People Solutions Limited

Independent auditor's report

to the members of Premier People Solutions Limited

Opinion

We have audited the financial statements of Premier People Solutions Limited for the year ended 31 March 2017 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 an auditor's report 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;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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 other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

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 directors’ report.
We have nothing to report in respect of the following matters in relation to which 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

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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 is 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.

Auditor’s 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 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.

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 auditor’s report.

Other matters
The comparative figures were not audited.
M R Longley
(Senior Statutory Auditor)		81 Melton Road
for and on behalf of		West Bridgford
Longleys		Nottingham
Accountants and Statutory Auditors
19 December 2017		NG2 6EN

Premier People Solutions Limited
Income Statement
for the year ended 31 March 2017
Notes						2017		2016
£							£
Turnover				2		14,701,178		10,581,914
Cost of sales						(9,890,876)		(8,191,315)
Gross profit						4,810,302		2,390,599
Administrative expenses						(3,150,081)		(1,945,854)
Operating profit				3		1,660,221		444,745
Loss on sale of fixed assets						(49,836)		-
Interest payable				6		(1,571)		(1,571)
Profit on ordinary activities before taxation						1,608,814		443,174
Tax on profit on ordinary activities				7		(329,438)		(106,928)
Profit for the financial year						1,279,376		336,246

Premier People Solutions Limited
Statement of comprehensive income
for the year ended 31 March 2017
Notes					2017		2016
£						£
Profit for the financial year					1,279,376		336,246
Other comprehensive income					-		-
Total comprehensive income for the year					1,279,376		336,246

Premier People Solutions Limited
Statement of Financial Position
as at 31 March 2017
Notes				2017			2016
£					£
Fixed assets
Intangible assets	8			-			20,000
Tangible assets	9			339,370			275,930
				339,370			295,930
Current assets
Stocks	10		889,331			500,150
Debtors	11		3,833,708			1,955,551
Cash at bank and in hand			973,963			321,368
			5,697,002			2,777,069
Creditors: amounts falling due within one year	12		(4,666,514)			(2,481,086)
Net current assets				1,030,488			295,983
Total assets less current liabilities				1,369,858			591,913
Creditors: amounts falling due after more than one year	13			(28,896)			-
Provisions for liabilities
Deferred taxation	15			(52,055)			(49,049)
Net assets				1,288,907			542,864
Capital and reserves
Called up share capital	16			1,000			1,000
Profit and loss account	17			1,287,907			541,864
Total equity				1,288,907			542,864
A Woodcock J Harrison
Director
Approved by the board on 19 December 2017

Premier People Solutions Limited
Statement of Changes in Equity
for the year ended 31 March 2017
Share			Share		Other		Profit		Total
capital			premium		reserves		and loss
account
£			£		£		£		£
At 1 April 2015		1,000		-		-		305,618		306,618
Profit for the financial year								336,246		336,246
Dividends								(100,000)		(100,000)
At 31 March 2016		1,000		-		-		541,864		542,864
At 1 April 2016		1,000		-		-		541,864		542,864
Profit for the financial year								1,279,376		1,279,376
Dividends								(533,333)		(533,333)
At 31 March 2017		1,000		-		-		1,287,907		1,288,907

Premier People Solutions Limited
Statement of Cash Flows
for the year ended 31 March 2017
Notes			2017		2016
£				£
Operating activities
Profit for the financial year			1,279,376		336,246
Adjustments for:
Loss on sale of fixed assets			49,836		-
Interest payable			1,571		1,571
Tax on profit on ordinary activities			329,438		106,928
Depreciation			49,715		34,119
Amortisation of goodwill			20,000		20,000
Increase in stocks			(389,181)		(435,255)
Increase in debtors			(1,878,157)		(148,526)
Increase in creditors			1,937,157		529,371
			1,399,755		444,454
Interest element of finance lease payments			(1,571)		(1,571)
Corporation tax paid			(29,589)		-
Cash generated by operating activities			1,368,595		442,883
Investing activities
Payments to acquire tangible fixed assets			(162,991)		(95,899)
Cash used in investing activities			(162,991)		(95,899)
Financing activities
Equity dividends paid			(533,333)		(100,000)
Repayment of loans			(13,856)		1,358
Capital element of finance lease payments			(5,820)		3,952
Cash used in financing activities			(553,009)		(94,690)
Net cash generated
Cash generated by operating activities			1,368,595		442,883
Cash used in investing activities			(162,991)		(95,899)
Cash used in financing activities			(553,009)		(94,690)
Net cash generated			652,595		252,294
Cash and cash equivalents at 1 April			321,368		69,074
Cash and cash equivalents at 31 March			973,963		321,368
Cash and cash equivalents comprise:
Cash at bank			973,963		321,368

Premier People Solutions Limited
Notes to the Accounts
for the year ended 31 March 2017
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Motor vehicles			25% reducing balance
	Fixtures and fittings			10% reducing balance

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Analysis of turnover					2017		2016
£							£
	Services rendered					14,701,178		10,581,914
	By geographical market:
	UK					14,701,178		10,581,914
3	Operating profit					2017		2016
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					49,715		34,119
	Amortisation of goodwill					20,000		20,000
	Auditors' remuneration for audit services					7,000		-
4	Directors' emoluments					2017		2016
£							£
	Emoluments					40,636		39,991
5	Staff costs					2017		2016
£							£
	Wages and salaries					1,843,064		1,180,930
	Healthcare and pension costs					62,392		34,730
						1,905,456		1,215,660
	Average number of employees during the year					Number	Number
	Employees					68		25
6	Interest payable					2017		2016
£							£
	Finance charges payable under finance leases and hire purchase contracts					1,571		1,571
7	Taxation					2017		2016
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					329,438		106,928
	Tax on profit on ordinary activities					329,438		106,928
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2017		2016
£							£
	Profit on ordinary activities before tax					1,608,814		443,174
	Standard rate of corporation tax in the UK					20%		20%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					321,763		88,635
	Effects of:
	Expenses not deductible for tax purposes					7,675		18,293
	Current tax charge for period					329,438		106,928
8	Intangible fixed assets							£
	Goodwill:
	Cost
	At 1 April 2016							200,000
	At 31 March 2017							200,000
	Amortisation
	At 1 April 2016							180,000
	Provided during the year							20,000
	At 31 March 2017							200,000
	Carrying amount
	At 31 March 2017							-
	At 31 March 2016							20,000
	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
9	Tangible fixed assets
				Plant and machinery		Fixtures, fittings, tools and equipment		Total
				At cost		At cost
£					£		£
	Cost or valuation
	At 1 April 2016			36,900		388,483		425,383
	Additions			55,500		107,491		162,991
	Disposals			-		(119,324)		(119,324)
	At 31 March 2017			92,400		376,650		469,050
	Depreciation
	At 1 April 2016			21,333		128,120		149,453
	Charge for the year			17,767		31,948		49,715
	On disposals			-		(69,488)		(69,488)
	At 31 March 2017			39,100		90,580		129,680
	Carrying amount
	At 31 March 2017			53,300		286,070		339,370
	At 31 March 2016			15,567		260,363		275,930
10	Stocks					2017		2016
£							£
	Work in progress					889,331		500,150
11	Debtors					2017		2016
£							£
	Trade debtors					3,414,447		1,544,520
	Other debtors					419,261		411,031
						3,833,708		1,955,551
12	Creditors: amounts falling due within one year					2017		2016
£							£
	Bank loans					12,500		54,481
	Obligations under finance lease and hire purchase contracts					5,820		12,411
	Trade creditors					2,580,583		1,680,082
	Corporation tax					411,417		114,574
	Other taxes and social security costs					587,887		175,684
	Other creditors					1,068,307		443,854
						4,666,514		2,481,086
13	Creditors: amounts falling due after one year					2017		2016
£							£
	Bank loans					28,125		-
	Obligations under finance lease and hire purchase contracts					771		-
						28,896		-
14	Obligations under finance leases and hire purchase					2017		2016
	contracts					£	£
	Amounts payable:
	Within one year					5,820		12,411
	Within two to five years					771		-
						6,591		12,411
15	Deferred taxation					2017		2016
£							£
	Accelerated capital allowances					52,055		49,049
						2017		2016
£							£
	At 1 April					49,049		27,457
	Charged to the profit and loss account					3,006		21,592
	At 31 March					52,055		49,049
16	Share capital	Nominal		2017		2017		2016
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1,000		1,000		1,000
17	Profit and loss account					2017		2016
£							£
	At 1 April					541,864		305,618
	Profit for the financial year					1,279,376		336,246
	Dividends					(533,333)		(100,000)
	At 31 March					1,287,907		541,864
18	Dividends					2017		2016
£							£
	Dividends on ordinary shares (note 17)					533,333		100,000
19	Related party transactions
	The directors
	Company shareholders
	The directors, in their capacity as shareholders of the company, were declared dividends during the year from the company.
	J Harrison			200,000		37,500
	A Woodcock			173,333		32,500
	D Pearson			160,000		30,000
				533,333		100,000
				2017		2016
£					£
	Loan transactions
	Each of the directors has a loan account with the company which is interest free and with no fixed repayment date. A Woodcock had an overdrawn loan account at the year end of £35,612, this balance has been disclosed within Other debtors in Debtors. None of the other accounts were overdrawn, and these balances due to the directors at the year-end, are disclosed within Other creditors in Creditors, amounts falling due within one year.
	J Harrison
	Amount due to the related party			208,874		18,750
	A Woodcock
	Amount due to/(from) the related party			(35,612)		(26,394)
	D Pearson
	Amount due to/(from) the related party			158,370		10,354
	A Woodcock
	Director
	During the year the company traded on normal commercial terms, with the following in which the above named director had a controlling interest:
	Oasis Reservations
	Southwell Training Limited
	At the balance sheet date, the amounts owed to the company and owed by the company are disclosed separately within debtors and creditors as follows:
	Amounts due from the related parties:
	Oasis Reservations			45,569		43,309
	Amounts due to the related parties:
	Oasis Reservations			57,569		63,836
	Southwell Training Limited			86,400		104,400
20	Presentation currency
	The financial statements are presented in Sterling.
21	Legal form of entity and country of incorporation
	Premier People Solutions Limited is a private company limited by shares and incorporated in England.
22	Principal place of business
	The address of the company's principal place of business and registered office is:
	3 Derwent House
	Richmond Business Park
	Sidings Court
	Doncaster
	DN4 5NL
23	Reconciliations on adoption of FRS 102
	Profit and loss for the year ended 31 March 2016					£
	Profit under former UK GAAP					336,246
	Profit under FRS 102					336,246
	Balance sheet at 31 March 2016					£
	Equity under former UK GAAP					542,864
	Equity under FRS 102					542,864
	Balance sheet at 1 April 2015					£
	Equity under former UK GAAP					-
	Equity under FRS 102					-