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REGISTERED NUMBER: 05750418 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Directorbank Executive Search Limited

Directorbank Executive Search Limited (Registered number: 05750418)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Directorbank Executive Search Limited (Registered number: 05750418)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,125 6,026

CURRENT ASSETS
Debtors 5 567,131 407,407
Cash at bank and in hand 1,150,244 1,030,905
1,717,375 1,438,312
CREDITORS
Amounts falling due within one year 6 752,189 564,528
NET CURRENT ASSETS 965,186 873,784
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,048,311

879,810

CREDITORS
Amounts falling due after more than one
year

7

54,779

116,666
NET ASSETS 993,532 763,144

CAPITAL AND RESERVES
Called up share capital 10 500 500
Share premium 12,117 12,117
Own shares reserve - (270,000 )
Retained earnings 980,915 1,020,527
993,532 763,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Directorbank Executive Search Limited (Registered number: 05750418)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





G C Jones - Director


Directorbank Executive Search Limited (Registered number: 05750418)

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

1. STATUTORY INFORMATION

Directorbank Executive Search Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05750418

Registered office: 41-44 Great Queen Street
London
WC2B 5AD

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to give a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for retained, contingent and interim placement income, event sponsorship and private equity retained services income, net of VAT.

Placement income for retained search work is recognised when the milestones of the contract are met. For a normal contract the initial retainer fee is recognised when the proposal and terms of business have been agreed with the client, the second stage fee is recognised when a shortlist of candidates has been agreed with the client and the completion fee is recognised when the candidate has confirmed acceptance of the placement terms offered. Contingent fee income is valued at nil until the income is certain. Income from placing an interim candidate is recognised in the period when the candidate services have been provided.

Event sponsorship income is recognised when the event has been held. Income from private equity clients to whom we supply retained services over a period of time is recognised evenly over the retention period on a monthly basis, with any income invoiced in advance being deferred into the relevant period.

Income from insurance claims is recognised in the accounts when it is virtually certain and is recognised in full in the profit and loss account in that period.

Income from government grants is recognised in the profit and loss account in full in the period to which it relates.

Directorbank Executive Search Limited (Registered number: 05750418)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Fixtures and fittings- 20% straight line
Motor vehicles- 33% straight line
Computer equipment- 33% straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

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

Fixed asset investments
Shares held
CompanyPrinciple activityClass%
Directorbank LimitedTrustee of the EBTOrdinary shares100.00

Directorbank Limited is the trustee of the Directorbank Group Limited Employee Benefit Trust. By virtue of control the assets and liabilities of the Directorbank Group Limited Employee Benefit Trust have been consolidated into these accounts.

Directorbank Limited registered office address is 41-44 Great Queen Street, London, England, WC2B 5AD.

Taxation
Current tax, including UK and German corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

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

Foreign currencies
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 transaction. Exchange differences are recognised in the profit and loss account.

Directorbank Executive Search Limited (Registered number: 05750418)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as liability and an expense. Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received

Employee benefit trust
The company created a trust whose beneficiaries include employees of the company. Where the company retains future economic benefit from, and has de facto control of, the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals. At the balance sheet date the Trust holds 20% (2022 - 20%) of the share capital of the company.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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 company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors, bank loans and hire purchase contracts/finance leases.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Bank loans and hire purchase contracts/finance leases are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Directorbank Executive Search Limited (Registered number: 05750418)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 12,853
Additions 82,672
Disposals (369 )
At 30 June 2023 95,156
DEPRECIATION
At 1 July 2022 6,827
Charge for year 5,204
At 30 June 2023 12,031
NET BOOK VALUE
At 30 June 2023 83,125
At 30 June 2022 6,026

The net book value of tangible fixed assets includes £ 69,076 in respect of assets held under hire purchase contracts.

Directorbank Executive Search Limited (Registered number: 05750418)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 502,251 362,657
Other debtors 64,880 44,750
567,131 407,407

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 116,667 116,667
Hire purchase contracts (see note 8) 10,262 -
Trade creditors 19,990 39,059
Taxation and social security 460,630 259,969
Other creditors 144,640 148,833
752,189 564,528

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 116,666
Hire purchase contracts (see note 8) 54,779 -
54,779 116,666

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 10,262 -
Between one and five years 54,779 -
65,041 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 69,480 45,210
Between one and five years 39,600 66,000
109,080 111,210

Directorbank Executive Search Limited (Registered number: 05750418)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 116,667 233,333

On 30th June 2020 the company received a loan of £350,000 from HSBC Bank UK plc. This was a Coronavirus Business Interruption Loan and was interest and capital repayment free until July 2021. The loan is secured by way of a debenture against the company assets. The loan interest rate is 3.99% over the Bank of England base rate. The final repayment date is 30th June 2024. Monthly repayments on the loan commenced in July 2021.

10. CALLED UP SHARE CAPITAL

Allotted, called up and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 A Ordinary 1p 100 100
10,000 B Ordinary 1p 100 100
10,000 C Ordinary 1p 100 100
10,000 D Ordinary 1p 100 100
10,000 E Ordinary 1p 100 100
500 500
Income - subject to the board recommending payment of the same any distributable profits which the Company may determine to distribute in respect of any financial year shall be distributed to the holders of A Ordinary Shares, B Ordinary Shares, C Ordinary Shares, D Ordinary Shares and E Ordinary Shares in such proportions as between the classes or some of the classes as the Board may determine but in respect each class pro-rata to the number of Shares of that class held.

Return of Capital - On return of capital or liquidation or otherwise (except on a redemption or purchase by the Company of any shares), the surplus assets of the Company remaining after the payment of its liabilities shall class be distributed amongst the holders of the Ordinary Shares pro-rata to the number of Ordinary shares held.

Voting - On a show of hands every holder of Ordinary Shares who (being an individual) is present in person or by proxy or (being a corporation) is present by a representative or by proxy not being himself a holder of Ordinary Shares, shall have one vote, and on a poll every holder of Ordinary Shares who is present in person or by proxy or (being a corporation) is present by a representative shall have one vote for every Ordinary Share of which he is the holder.