Limited Liability Partnership Registration No. OC348937 (England and Wales)
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Annual report and unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Balance sheet
As at 31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,197
4,400
Current assets
Debtors
4
71,214
64,047
Cash at bank and in hand
21,850
33,407
93,064
97,454
Creditors: amounts falling due within one year
5
(15,951)
(22,955)
Net current assets
77,113
74,499
Total assets less current liabilities
80,310
78,899
Creditors: amounts falling due after more than one year
6
(15,879)
(22,392)
Net assets attributable to members
64,431
56,507
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
64,431
56,507
Total members' interests
Amounts due from members
(42,795)
(26,368)
Loans and other debts due to members
64,431
56,507
21,636
30,139

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Balance sheet (continued)
As at 31 March 2023
2
The financial statements were approved by the members and authorised for issue on 28 November 2023 and are signed on their behalf by:
28 November 2023
Jacqueline Entwistle
Designated member
Limited Liability Partnership Registration No. OC348937
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Reconciliation of members' interests
For the year ended 31 March 2023
3
Current financial year
Debt
Total
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
56,507
Amounts due from members
(26,368)
Members' interests at 1 April 2022
30,139
30,139
30,139
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
66,659
66,659
66,659
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
96,798
96,798
96,798
Introduced by members
2,000
2,000
2,000
Drawings
(77,162)
(77,162)
(77,162)
Members' interests at 31 March 2023
21,636
21,636
21,636
Amounts due to members
64,431
Amounts due from members, included in debtors
(42,795)
21,636
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Reconciliation of members' interests (continued)
For the year ended 31 March 2023
4
Prior financial year
Debt
Total
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Other amounts
Total
Total
2022
£
£
£
Amounts due from members
(15,943)
Members' interests at 1 April 2021
(15,943)
(15,943)
(15,943)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
136,982
136,982
136,982
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
121,039
121,039
121,039
Introduced by members
2,000
2,000
2,000
Drawings
(92,900)
(92,900)
(92,900)
Members' interests at 31 March 2022
30,139
30,139
30,139
Amounts due to members
56,507
Amounts due from members, included in debtors
(26,368)
30,139
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Notes to the financial statements
For the year ended 31 March 2023
5
1
Accounting policies
Limited liability partnership information

Quantum Lifecare Recruitment LLP is a limited liability partnership incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for recruitment services provided to clients, excluding value added tax.

 

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
6
1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

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 current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
7
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Notes to the financial statements (continued)
For the year ended 31 March 2023
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
11,194
Depreciation and impairment
At 1 April 2022
6,794
Depreciation charged in the year
1,203
At 31 March 2023
7,997
Carrying amount
At 31 March 2023
3,197
At 31 March 2022
4,400
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
19,676
Amounts owed by members
42,795
26,368
Other debtors
28,419
18,003
71,214
64,047
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,000
7,000
Trade creditors
2,966
2,397
Taxation and social security
2,890
10,868
Other creditors
3,095
2,690
15,951
22,955
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,879
22,392
Quantum Lifecare Recruitment LLP
T/A Real Recruitment Solutions
Notes to the financial statements (continued)
For the year ended 31 March 2023
6
Creditors: amounts falling due after more than one year (continued)
9

Included creditors due within one year and more than one year is a loan. The interest of the loan for the first 12 months is settled by the government and then interest of 2.5% is applied. The total term of the loan is six years.

 

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
-
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