Mploy Staffing Solutions Limited - Limited company accounts 18.2

REGISTERED NUMBER: 04165754 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2018

for

Mploy Staffing Solutions Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mr M Nash

Mr D J Keogh

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

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

Mr T Dicks

SECRETARY:

Mr D J Keogh

REGISTERED OFFICE:

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

REGISTERED NUMBER:

04165754 (England and Wales)

AUDITORS:

Ward Goodman

Statutory 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 2018.

REVIEW OF BUSINESS

Turnover relating to Temps business has increased by 13.64% 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 Andover office performing in line with

expectations.

The company has seen a 2% decrease in the volume of perm business as a direct result of quality candidate shortage. We hope to

break the £1,000,000 in perm fees during year 18.-19.

At 31 March 2018 the company had net current assets of £121,634 compared with net current liabilities of £154,854 at the end of the

prior year. Net assets of £671,793 at 31 March 2018 were consistent with the prior year.

FUTURE DEVELOPMENTS

The board is focused on securing 1 new office to open during period 18-19 and will relocate our Salisbury office to large premises

allowing for further expansion and growth.

Unskilled NON UK labour candidate shortage due to Brexit uncertainty has seen opportunities with new clients present themselves

and we believe this may limit 18 -19 growth to 7.5%

PRINCIPAL RISKS AND UNCERTAINTIES

Price, credit, liquidity and cash flow risk;

All new customers are credit checked to ensure risk relating to bad credit is kept to a minimum. It is not considered that there is

significant risk to the company relating to price. Liquidity and cashflow risk is managed through monitoring of working capital levels.

KEY PERFORMANCE INDICATORS

KPI

2018

2017

2016

Gross profit margin

17.60%

17.54%

17.52%

Net profit margin

6.05%

7.40%

6.84%

Growth in temps sales

13.64%

16.82%

29.15%

Growth in perms sales

(1.96%)

65.00%

45.95%

ON BEHALF OF THE BOARD:

Mr M Nash - Director

8 October 2018

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

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 2018 will be £ 690,953 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report.

Mr M Nash

Mr D J Keogh

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

Mrs A Banks

Mrs K Kijewska

Mr D Whiteman

Ms H J Howard

Ms L M Keeping

Mr S A Nocon

Other changes in directors holding office are as follows:

Mr E W Bebb - resigned 26 October 2017

Miss J A Piasecka - resigned 15 December 2017

Ms A Cebeniak - appointed 6 April 2017

Ms N E Hayton - appointed 6 April 2017

Miss B Grudzinska - appointed 6 April 2017

Mr T Dicks - appointed 1 September 2017

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

8 October 2018

Opinion

We have audited the financial statements of Mploy Staffing Solutions Limited (the 'company') for the year ended 31 March 2018

which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in

Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary

of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in

the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2018 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 page three, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due

to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern,

disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either

intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

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.

I M Rodd (Senior Statutory Auditor)

for and on behalf of Ward Goodman

Statutory Auditor

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

8 October 2018

TURNOVER

24,744,547

21,856,771

Cost of sales

20,388,927

18,022,869

GROSS PROFIT

4,355,620

3,833,902

Administrative expenses

2,675,109

2,062,088

1,680,511

1,771,814

Other operating income

-

9,300

OPERATING PROFIT

5

1,680,511

1,781,114

Interest receivable and similar income

-

155

1,680,511

1,781,269

Interest payable and similar expenses

6

182,772

164,638

PROFIT BEFORE TAXATION

1,497,739

1,616,631

Tax on profit

7

277,792

313,220

PROFIT FOR THE FINANCIAL YEAR

1,219,947

1,303,411

PROFIT FOR THE YEAR

1,219,947

1,303,411

OTHER COMPREHENSIVE INCOME

Capital redemption reserve

1,412

150

Buy back of own shares

(515,000

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(513,588

)

150

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

706,359

1,303,561

FIXED ASSETS

Tangible assets

9

867,543

1,362,508

Investments

10

1

1

867,544

1,362,509

CURRENT ASSETS

Debtors

11

3,968,101

3,764,458

Cash at bank and in hand

379,255

584,758

4,347,356

4,349,216

CREDITORS

Amounts falling due within one year

12

4,225,722

4,504,070

NET CURRENT ASSETS/(LIABILITIES)

121,634

(154,854

)

TOTAL ASSETS LESS CURRENT LIABILITIES

989,178

1,207,655

CREDITORS

Amounts falling due after more than one year

13

(307,838

)

(533,518

)

PROVISIONS FOR LIABILITIES

17

(9,547

)

(16,738

)

NET ASSETS

671,793

657,399

CAPITAL AND RESERVES

Called up share capital

18

7,918

8,930

Capital redemption reserve

19

1,662

250

Retained earnings

19

662,213

648,219

SHAREHOLDERS' FUNDS

671,793

657,399

The financial statements were approved by the Board of Directors on 8 October 2018 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 2016

8,730

216,138

100

224,968

Changes in equity

Issue of share capital

200

-

-

200

Dividends

-

(871,330

)

-

(871,330

)

Total comprehensive income

-

1,303,411

150

1,303,561

Balance at 31 March 2017

8,930

648,219

250

657,399

Changes in equity

Increase in share capital

400

-

-

400

Reduction in share capital

(1,412

)

-

-

(1,412

)

Dividends

-

(690,953

)

-

(690,953

)

Total comprehensive income

-

704,947

1,412

706,359

Balance at 31 March 2018

7,918

662,213

1,662

671,793

Cash flows from operating activities

Cash generated from operations

1

948,355

1,937,718

Interest paid

(182,772

)

(164,638

)

Tax paid

(311,014

)

(268,014

)

Net cash from operating activities

454,569

1,505,066

Cash flows from investing activities

Purchase of tangible fixed assets

(15,967

)

(870,486

)

Sale of tangible fixed assets

665,665

-

Interest received

-

155

Net cash from investing activities

649,698

(870,331

)

Cash flows from financing activities

New loans in year

-

533,518

Loan repayments in year

(225,681

)

-

Amount introduced by directors

132,935

-

Amount withdrawn by directors

(11,471

)

(59,856

)

Share issue

400

200

Share buyback

(515,000

)

150

Equity dividends paid

(690,953

)

(871,330

)

Net cash from financing activities

(1,309,770

)

(397,318

)

(Decrease)/increase in cash and cash equivalents

(205,503

)

237,417

Cash and cash equivalents at beginning of year

2

584,758

347,341

Cash and cash equivalents at end of year

2

379,255

584,758

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

2018

2017

£

£

Profit for the financial year

1,219,947

1,303,411

Depreciation charges

52,321

48,066

Profit on disposal of fixed assets

(206,389

)

-

Finance costs

182,772

164,638

Finance income

-

(155

)

Taxation

277,792

313,220

1,526,443

1,829,180

Increase in trade and other debtors

(250,208

)

(313,888

)

(Decrease)/increase in trade and other creditors

(327,880

)

422,426

Cash generated from operations

948,355

1,937,718

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 2018

31.3.18

1.4.17

£

£

Cash and cash equivalents

379,255

584,758

Year ended 31 March 2017

31.3.17

1.4.16

£

£

Cash and cash equivalents

584,758

347,341

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.

There are no areas that require significant judgements from management.

The most significant estimates made by management, which are based on their own experience, are for the useful life of fixed

assets. The carrying value of fixed assets at 31 March 2018 is £867,544.

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.

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 £17,062 (2017 -

£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

2018

2017

£

£

Wages and salaries

20,765,200

18,014,098

Social security costs

1,393,526

1,127,723

Other pension costs

158,576

129,754

22,317,302

19,271,575

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

2018

2017

Temporary staff included as cost of sale

5,120

4,588

Administration and management staff

51

42

5,171

4,630

4.	DIRECTORS' EMOLUMENTS

2018

2017

£

£

Directors' remuneration

809,107

561,214

Directors' pension contributions to money purchase schemes

111,462

86,721

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:

2018

2017

£

£

Emoluments etc

190,233

68,500