Silverfin false 31/03/2023 01/04/2022 31/03/2023 C Ogden 01/10/2021 M Ogden 22/04/2013 06 October 2023 The principal activity of the Company during the financial year was that of a recruitment agency. 08498410 2023-03-31 08498410 bus:Director1 2023-03-31 08498410 bus:Director2 2023-03-31 08498410 2022-03-31 08498410 core:CurrentFinancialInstruments 2023-03-31 08498410 core:CurrentFinancialInstruments 2022-03-31 08498410 core:ShareCapital 2023-03-31 08498410 core:ShareCapital 2022-03-31 08498410 core:RetainedEarningsAccumulatedLosses 2023-03-31 08498410 core:RetainedEarningsAccumulatedLosses 2022-03-31 08498410 core:Goodwill 2022-03-31 08498410 core:Goodwill 2023-03-31 08498410 2021-03-31 08498410 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08498410 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 08498410 bus:OrdinaryShareClass1 2023-03-31 08498410 2022-04-01 2023-03-31 08498410 bus:FullAccounts 2022-04-01 2023-03-31 08498410 bus:SmallEntities 2022-04-01 2023-03-31 08498410 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08498410 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08498410 bus:Director1 2022-04-01 2023-03-31 08498410 bus:Director2 2022-04-01 2023-03-31 08498410 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 08498410 core:Goodwill 2022-04-01 2023-03-31 08498410 2021-04-01 2022-03-31 08498410 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08498410 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08498410 (England and Wales)

MARYLEBONE RECRUITMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MARYLEBONE RECRUITMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MARYLEBONE RECRUITMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MARYLEBONE RECRUITMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 3,334 23,334
3,334 23,334
Current assets
Debtors 4 45,171 57,641
Cash at bank and in hand 86,016 127,772
131,187 185,413
Creditors: amounts falling due within one year 5 ( 129,558) ( 170,952)
Net current assets 1,629 14,461
Total assets less current liabilities 4,963 37,795
Provision for liabilities 6 ( 41) ( 50)
Net assets 4,922 37,745
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 4,822 37,645
Total shareholder's funds 4,922 37,745

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Marylebone Recruitment Limited (registered number: 08498410) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Ogden
Director

06 October 2023

MARYLEBONE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MARYLEBONE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marylebone Recruitment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditor, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 36

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 200,000 200,000
At 31 March 2023 200,000 200,000
Accumulated amortisation
At 01 April 2022 176,666 176,666
Charge for the financial year 20,000 20,000
At 31 March 2023 196,666 196,666
Net book value
At 31 March 2023 3,334 3,334
At 31 March 2022 23,334 23,334

4. Debtors

2023 2022
£ £
Trade debtors 36,789 55,284
Prepayments 5,229 2,357
Other debtors 3,153 0
45,171 57,641

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 177 944
Amounts owed to Group undertakings 72,267 104,944
Accruals 19,201 15,942
Taxation and social security 8,165 23,464
Other creditors 29,748 25,658
129,558 170,952

6. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 50) 12,133
Credited/(charged) to the Profit and Loss Account 9 ( 12,183)
At the end of financial year ( 41) ( 50)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 41) ( 50)

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Other financial commitments

On 6 March 2019 the company, together with Shine Recruitment Limited (each "a Chargor"), entered into a debenture in favour of Barclays Bank Plc ("the Bank") to secure all present and future liabilities and obligations of each Chargor to the Bank, whether actual or contingent and whether owed jointly or severally or in any other capacity. The assets of the Chargor in respect of which they granted to the Bank a fixed and floating charge to secure their respective liabilities and obligations.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 264 0