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Registration number: 13558051

LMS Recruitment Services Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

LMS Recruitment Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

LMS Recruitment Services Ltd

(Registration number: 13558051)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

125,600

141,300

Tangible assets

5

245,887

249,840

 

371,487

391,140

Current assets

 

Debtors

6

289,111

248,503

Cash at bank and in hand

 

9,094

198,418

 

298,205

446,921

Creditors: Amounts falling due within one year

7

(379,681)

(580,604)

Net current liabilities

 

(81,476)

(133,683)

Total assets less current liabilities

 

290,011

257,457

Creditors: Amounts falling due after more than one year

7

(119,194)

(136,516)

Provisions for liabilities

(16,779)

(36,295)

Net assets

 

154,038

84,646

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

43,521

47,638

Retained earnings

110,516

37,007

Shareholders' funds

 

154,038

84,646

 

LMS Recruitment Services Ltd

(Registration number: 13558051)
Balance Sheet as at 31 August 2023

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2023
 

.........................................
Mr Michael Lee Statham
Director

 

LMS Recruitment Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
226 Nantwich Road
Crewe
Cheshire
CW2 6BP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

LMS Recruitment Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and tat are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets excluding land and buildings are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Land and buildings are stated in the balance sheet at their revalued amount, less any subsequent accumulated depreciation and subsequent impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment (furniture, fittings and equipment)

33% straight line

Fixtures and fittings (furniture, fittings and equipment)

25% reducing balance

Land and buildings

1% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

LMS Recruitment Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 48 (2022 - 16).

 

LMS Recruitment Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

157,000

157,000

At 31 August 2023

157,000

157,000

Amortisation

At 1 September 2022

15,700

15,700

Amortisation charge

15,700

15,700

At 31 August 2023

31,400

31,400

Carrying amount

At 31 August 2023

125,600

125,600

At 31 August 2022

141,300

141,300

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

241,830

13,120

254,950

Additions

-

1,233

1,233

At 31 August 2023

241,830

14,353

256,183

Depreciation

At 1 September 2022

1,830

3,280

5,110

Charge for the year

2,418

2,768

5,186

At 31 August 2023

4,248

6,048

10,296

Carrying amount

At 31 August 2023

237,582

8,305

245,887

At 31 August 2022

240,000

9,840

249,840

Included within the net book value of land and buildings above is £237,582 (2022 - £240,000) in respect of freehold land and buildings.
 

 

LMS Recruitment Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Revaluation

The fair value of the company's Land and buildings was revalued on 31 August 2023. An independent valuer was not involved.
The director reviewed the value of the freehold property and has made judgements as to the value of the freehold property carried within the business based on market conditions art that time..
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £179,358 (2022 - £181,188).

6

Debtors

Current

2023
£

2022
£

Trade debtors

187,976

248,390

Prepayments

113

113

Other debtors

101,022

-

 

289,111

248,503

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

19,159

19,159

Trade creditors

11,610

43,969

Taxation and social security

159,624

159,121

Accruals and deferred income

10,552

11,798

Other creditors

178,736

346,557

379,681

580,604

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

119,194

136,516

Bank loans are secured by way of a fixed and floating charge over the assets of the company and are shown within loans and borrowings.

Factoring facilities are secured by way of a fixed and floating charge over the assets of the company and are shown in other creditors and other debtors..