Motion Recruitment Partners Limited
Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 05380207 (England and Wales)
Motion Recruitment Partners Limited
Company Information
Directors
B Gilfeather
B W Page
Company number
05380207
Registered office
Midas Building
Silverhills Road
Newton Abbot
TQ12 5ND
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Motion Recruitment Partners Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Motion Recruitment Partners Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,244
27,684
Current assets
Debtors
5
1,446,021
944,988
Cash at bank and in hand
76,657
160,883
1,522,678
1,105,871
Creditors: amounts falling due within one year
6
(252,687)
(159,967)
Net current assets
1,269,991
945,904
Total assets less current liabilities
1,300,235
973,588
Provisions for liabilities
(7,561)
-
0
Net assets
1,292,674
973,588
Capital and reserves
Called up share capital
7
2
2
Share premium account
13,000
13,000
Profit and loss reserves
1,279,672
960,586
Total equity
1,292,674
973,588

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
B W Page
Director
Company Registration No. 05380207
Motion Recruitment Partners Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information

Motion Recruitment Partners Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Midas Building, Silverhills Road, Newton Abbot, England, TQ12 5ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. 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
Going concern

The company is dependent on the continuation of work for its significant customer, being its parent company Motion Recruitment Partners LLC. The directors have confidence in the continuation of the work for at least one year from the date of signature of the audit report, and as such believe it is appropriate to prepare the financial statements on a going concern basis.true

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

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
3 years straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Motion Recruitment Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3

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 and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Motion Recruitment Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
24
18
Motion Recruitment Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
75,597
(3,777)
Adjustments in respect of prior periods
4,109
-
0
Total current tax
79,706
(3,777)
Deferred tax
Origination and reversal of timing differences
637
4,945
Total tax charge
80,343
1,168
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
163,789
Additions
18,603
Disposals
(110,806)
At 31 December 2022
71,586
Depreciation and impairment
At 1 January 2022
136,105
Depreciation charged in the year
16,043
Eliminated in respect of disposals
(110,806)
At 31 December 2022
41,342
Carrying amount
At 31 December 2022
30,244
At 31 December 2021
27,684
Motion Recruitment Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
124,494
76,864
Corporation tax recoverable
-
0
46,277
Amounts owed by group undertakings
1,294,398
811,702
Other debtors
3,912
(5,322)
Prepayments and accrued income
23,217
15,467
1,446,021
944,988
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
61,998
87,432
Corporation tax
75,597
-
0
Other taxation and social security
86,587
51,924
Accruals and deferred income
28,505
20,611
252,687
159,967
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.001p each
204,000
204,000
2
2

All the ordinary shares attached to them full voting, dividend and capital distribution rights (including on winding up), and do not confer any rights of redemption.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
Motion Recruitment Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 7
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £177,126 (2021: £221,408)

10
Related party transactions

The company has taken advantage of the FRS 102 exemption from the requirement to disclose transactions with the group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

11
Parent company

The immediate parent company is Motion Recruitment Partners LLC, a company registered in the United States of America.

The ultimate controlling party is Littlejohn Funds, the major shareholders of the ultimate parent company MRP Topco Inc., a company registered in the United States of America.

The largest group of undertakings for which group accounts are drawn up is Motion Recruitment Partners LLC, registered office 501 Boylston Street, Suite 3103, Boston, MA 02116, United States.

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