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Registration number: 04395941

Deacon Search Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Deacon Search Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Deacon Search Limited

Company Information

Director

P S Deacon

Company secretary

D Wilkins

Registered office

First Floor
46 Bow Lane
London
EC4M 9DL

Auditors

Cohen Arnold
Chartered Accountants and Registered Auditor
New Burlington House
1075 Finchley Road
London
NW11 0PU

 

Deacon Search Limited

(Registration number: 04395941)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,678

6,691

Current assets

 

Debtors

5

709,501

1,183,032

Cash at bank and in hand

 

606,733

1,169,284

 

1,316,234

2,352,316

Creditors: Amounts falling due within one year

6

(847,095)

(955,371)

Net current assets

 

469,139

1,396,945

Total assets less current liabilities

 

477,817

1,403,636

Provisions for liabilities

(2,169)

(1,271)

Net assets

 

475,648

1,402,365

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

475,548

1,402,265

Shareholders' funds

 

475,648

1,402,365

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 7 March 2024
 

.........................................
P S Deacon
Director

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
First Floor
46 Bow Lane
London
EC4M 9DL

These financial statements were authorised for issue by the director on 7 March 2024.

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.

Going concern

The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the Company and available finance.

The cash flow forecasts together with cash balances show the Company has adequate cash reserves to meet their liabilities for at least 12 months from the date of approval of these financial statements.

After reviewing the company’s forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue for the foreseeable future and the financial statements have been prepared on a going concern basis.

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 7 March 2024 was Keith Sussman FCA, who signed for and on behalf of Cohen Arnold.

.........................................

Revenue recognition

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

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets 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.

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:

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Asset class

Depreciation method and rate

Fixtures and fittings

15% straight line

Office equipment

33% straight line

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 18 (2022 - 14).

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

87,159

87,159

Additions

7,609

7,609

At 30 June 2023

94,768

94,768

Depreciation

At 1 July 2022

80,468

80,468

Charge for the year

5,622

5,622

At 30 June 2023

86,090

86,090

Carrying amount

At 30 June 2023

8,678

8,678

At 30 June 2022

6,691

6,691

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

318,209

761,602

Amounts owed by related parties

9

358,493

340,535

Prepayments

 

32,799

26,895

Other debtors

 

-

54,000

   

709,501

1,183,032

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

7,497

718

Amounts owed to group undertakings

9

147,334

93,603

Taxation and social security

 

331,577

445,469

Accruals and deferred income

 

346,441

408,822

Other creditors

 

14,246

6,759

 

847,095

955,371

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £15,000.00 (2022 - £13,000.00) per each Ordinary

 

1,500,000

 

1,300,000

         
 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

200,000

150,000

Summary of transactions with parent

Cornhill Bond Consulting Ltd, parent company
 Management fee from parent company and dividend payments
 

Summary of transactions with entities with joint control or significant interest

companies under common ownership
 recruitment fees charged between group companies
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Receipt of services

228,176

2022

Entities with joint control or significant influence
£

Receipt of services

4,568

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9 Related party transactions (cont'd)

Expenditure with and payables to related parties

2023

Parent
£

Entities with joint control or significant influence
£

Rendering of services

161,710

62,812

2022

Parent
£

Entities with joint control or significant influence
£

Rendering of services

209,308

34,125

Loans to related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

338,067

2,467

340,534

Advanced

45,432

227,729

273,161

Repaid

(255,202)

-

(255,202)

At end of period

128,297

230,196

358,493

2022

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

352,457

3,218

355,675

Advanced

176,780

4,567

181,347

Repaid

(191,170)

(5,318)

(196,488)

At end of period

338,067

2,467

340,534

 

Deacon Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9 Related party transactions (cont'd)

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

93,604

93,604

Advanced

53,731

53,731

At end of period

147,335

147,335

2022

Entities with joint control or significant influence
£

Total
£

At start of period

63,265

63,265

Advanced

30,339

30,339

At end of period

93,604

93,604

10

Parent and ultimate parent undertaking

The company's immediate parent is Cornhill Bond Consulting Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Cornhill Bond Consulting Limited. These financial statements are available upon request from the parent entity's registered office, First Floor, 46 Bow Lane, London,EC4M 9DL.

 

On 28 February 2023, 77.2% of the parent company's issued share capital was acquired by an employee ownership trust as the Cornhill Bond Employee Ownership Trust ("the Trust") with options to obtain the remaining issued share capital over the next 10 years. Since this date the company has been controlled by Trident Trust Company (U.K.) Limited, acting as trustee for the Trust.