Staffing Made Simple (Kent) Limited - Limited company accounts 18.2

REGISTERED NUMBER: 05805149 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

STAFFING MADE SIMPLE (KENT) LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

Mr M P Smith BA (Hons) FCA

Mr M G Smith BA (Hons)

Mr G M Knowles

Ms V A Coombs ACA FCCA

REGISTERED OFFICE:

12 Romney Place

Maidstone

Kent

ME15 6LE

REGISTERED NUMBER:

05805149 (England and Wales)

AUDITORS:

Povey Little Chartered Accountants

and Statutory Auditors

12 Hatherley Road,

Sidcup

Kent

DA14 4DT

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 temporary staff supply agency.

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 P Smith BA (Hons) FCA

Mr M G Smith BA (Hons)

Mr G M Knowles

Ms V A Coombs ACA FCCA

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;

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, Povey Little Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

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:

Ms V A Coombs ACA FCCA - Director

19 December 2018

Opinion

We have audited the financial statements of Staffing Made Simple (Kent) Limited (the 'company') for the year ended

31 March 2018 which comprise the Profit and Loss Account, Balance Sheet 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

Alan Povey (Senior Statutory Auditor)

for and on behalf of Povey Little Chartered Accountants

and Statutory Auditors

12 Hatherley Road,

Sidcup

Kent

DA14 4DT

19 December 2018

TURNOVER

2,605,320

2,067,648

Cost of sales

2,222,571

1,635,354

GROSS PROFIT

382,749

432,294

Administrative expenses

370,721

314,815

OPERATING PROFIT

4

12,028

117,479

Income from shares in group undertakings

-

18,900

12,028

136,379

Interest payable and similar expenses

4,946

2,678

PROFIT BEFORE TAXATION

7,082

133,701

Tax on profit

5

(8,353

)

23,347

PROFIT FOR THE FINANCIAL YEAR

15,435

110,354

FIXED ASSETS

Tangible assets

7

5,438

7,251

Investments

8

1

1

5,439

7,252

CURRENT ASSETS

Debtors

9

344,303

520,046

Cash at bank and in hand

28,816

50,752

373,119

570,798

CREDITORS

Amounts falling due within one year

10

367,914

477,241

NET CURRENT ASSETS

5,205

93,557

TOTAL ASSETS LESS CURRENT LIABILITIES

10,644

100,809

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

10,544

100,709

SHAREHOLDERS' FUNDS

10,644

100,809

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 December 2018 and were signed on its behalf by:

Mr M P Smith BA (Hons) FCA - Director

1.	STATUTORY INFORMATION

Staffing Made Simple (Kent) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 "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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and

that the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of

completion can be reliably measured using a percentage of completion method.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2018

2017

£

£

Depreciation - owned assets

1,813

2,183

Auditors' remuneration

1,000

-

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

(8,353

)

23,347

Tax on profit

(8,353

)

23,347

6.

DIVIDENDS

2018

2017

£

£

Interim

105,600

20,000

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

22,245

DEPRECIATION

At 1 April 2017

14,994

Charge for year

1,813

At 31 March 2018

16,807

NET BOOK VALUE

At 31 March 2018

5,438

At 31 March 2017

7,251

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

1

NET BOOK VALUE

At 31 March 2018

1

At 31 March 2017

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

SMS Driveforce Limited

Registered office:

Nature of business: Staff supplies

%

Class of shares:

holding

Ordinary

100.00

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

209,180

277,995

Amounts owed by group undertakings

120,177

194,011

Other debtors

2,000

2,475

Directors' current accounts

2,130

1,122

Tax

8,353

-

Prepayments

2,463

4,063

Accrued income

-

40,380

344,303

520,046

The company's trade debtors are subject to a charge under a sales finance facility with Barclays Sales Finance Limited.

Other debtors consists of an unsecured staff loan of £2,000 (2017: £2,000) and an amount of £nil (2017: £475) owed by

an employee on account of overpayment against wages.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

176,752

177,267

Trade creditors

19,262

7,307

Amounts owed to group undertakings

30,000

71,658

Corporation tax

-

23,347

PAYE and national insurance

14,650

23,023

VAT

45,608

99,402

Other creditors

483

3,460

Accruals and deferred income

81,159

71,777

367,914

477,241

Included within bank loans and overdrafts is an amount of £176,752 (2017: £177,267) relating to an amount owed to

Barclays Sales Finance under a sales finance facility which is secured on the company's trade debtors.

Other creditors consists of sundry payroll deductions of £nil (2017: £450) and an amount payable to the company's auto

enrolment pension scheme of £483 (2017: £3,010).

Accruals consists of holiday pay accrual of £34,145 (2017: £30,522), drivers negligence reserve of £18,050 (2017:

£9,250) temporary staff costs accrual of £27,497 (2017: £32,005) and accrued expenses of £1,467 (2017: £nil).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary A

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 April 2017

100,709

Profit for the year

15,435

Dividends

(105,600

)

At 31 March 2018

10,544

13.	ULTIMATE PARENT COMPANY

The immediate parent company is The Mainstream Group Limited (a company registered in the UK which prepares

group accounts) which is in turn a 100% subsidiary of the ultimate parent undertaking Ascentrix Limited (a company

registered in the UK which does not prepare group accounts).

14.	RELATED PARTY DISCLOSURES

During the period under review the company purchased accountancy services and payroll processing from Logika

Limited, a company under the control of Mark P Smith, a director, to the value of £24,721 (2017: £31,489) net of VAT.

The directors consider all charges to be made at an open market basis. As at the balance sheet date the amount owed to

Logika Limited was £nil (2017: £181), which is included in trade creditors.

15.	ULTIMATE CONTROLLING PARTY

The is no ultimate controlling party, no individual shareholder of the ultimate parent company holds more than 25% of

the issued share capital.