Company Registration No. 04979900 (England and Wales)
WMS Recruitment Limited
Annual report and financial statements
for the year ended 30 November 2023
WMS Recruitment Limited
Company information
Director
Mr Wayne Cottrill
Secretary
Mr Wayne Coleman
Company number
04979900
Registered office
Fridaybridge Farm Camp
173 March Road
Fridaybridge
Wisbech
Cambridgeshire
PE14 0LR
Independent auditor
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
WMS Recruitment Limited
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
WMS Recruitment Limited
Strategic report
For the year ended 30 November 2023
1
The director presents the strategic report for the year ended 30 November 2023.
Review of the business
The director is satisfied with the performance of the company in the accounting period.
Principal risks and uncertainties
The company's labour supply remains uncertain due to the UK's recent departure from the EU and the ongoing conflict in Ukraine.
Key performance indicators
Turnover has decreased by £370k and gross profit margins have decreased slightly from 16.5% to 15.1%. Net assets have increased by 6.8% in the year.
Going concern
The company has had a challenging year but the current performance post year end has seen significant improvement. The company provides man power for flower and fresh produce markets, and has support of the bank.
The company has reviewed its cash flow forecasts for the 12 month period from the date of signing the financial statements and the director is confident that the company will be able to meet its liabilities as they fall due. He has therefore adopted the going concern basis of accounting.
Mr Wayne Cottrill
Director
29 August 2024
WMS Recruitment Limited
Director's report
For the year ended 30 November 2023
2
The director presents his annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of an employment agency.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr Wayne Cottrill
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
WMS Recruitment Limited
Director's report (continued)
For the year ended 30 November 2023
3
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Wayne Cottrill
Director
29 August 2024
WMS Recruitment Limited
Independent auditor's report
To the members of WMS Recruitment Limited
4
Opinion
We have audited the financial statements of WMS Recruitment Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
WMS Recruitment Limited
Independent auditor's report (continued)
To the members of WMS Recruitment Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
WMS Recruitment Limited
Independent auditor's report (continued)
To the members of WMS Recruitment Limited
6
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
WMS Recruitment Limited
Independent auditor's report (continued)
To the members of WMS Recruitment Limited
7
Alistair Hunt FCA
Senior Statutory Auditor
For and on behalf of Saffery LLP
29 August 2024
Chartered Accountants
Statutory Auditors
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
WMS Recruitment Limited
Statement of comprehensive income
For the year ended 30 November 2023
8
2023
2022
Notes
£
£
Turnover
2
12,336,911
16,037,180
Cost of sales
(10,310,421)
(13,383,569)
Gross profit
2,026,490
2,653,611
Administrative expenses
(2,026,247)
(2,025,699)
Other operating income
383,519
427,092
Operating profit
3
383,762
1,055,004
Interest receivable and similar income
5
17,086
10,809
Interest payable and similar expenses
6
(63,286)
(35,862)
Other gains and losses
7
(22,391)
-
Profit before taxation
315,171
1,029,951
Tax on profit
8
(90,531)
(196,341)
Profit for the financial year
224,640
833,610
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for 2023 (2022: £0).
The notes on pages 11 to 20 form part of these financial statements.
WMS Recruitment Limited
Balance sheet
As at 30 November 2023
9
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,377,591
1,355,633
Investments
10
311,604
133,995
1,689,195
1,489,628
Current assets
Stocks
11
6,460
8,091
Debtors
12
2,995,513
3,070,053
Cash at bank and in hand
419,965
861,561
3,421,938
3,939,705
Creditors: amounts falling due within one year
13
(1,232,964)
(1,719,856)
Net current assets
2,188,974
2,219,849
Total assets less current liabilities
3,878,169
3,709,477
Creditors: amounts falling due after more than one year
14
(654,594)
(698,772)
Provisions for liabilities
Deferred tax liability
17
138,006
149,776
(138,006)
(149,776)
Net assets
3,085,569
2,860,929
Capital and reserves
Called up share capital
19
6
6
Revaluation reserve
536,899
536,899
Profit and loss reserves
2,548,664
2,324,024
Total equity
3,085,569
2,860,929
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024.
Mr Wayne Cottrill
Director
Company Registration No. 04979900
WMS Recruitment Limited
Statement of changes in equity
For the year ended 30 November 2023
10
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
6
536,899
1,490,414
2,027,319
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
833,610
833,610
Balance at 30 November 2022
6
536,899
2,324,024
2,860,929
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
224,640
224,640
Balance at 30 November 2023
6
536,899
2,548,664
3,085,569
WMS Recruitment Limited
Notes to the financial statements
For the year ended 30 November 2023
11
1
Accounting policies
Company information
WMS Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fridaybridge Farm Camp, 173 March Road, Fridaybridge, Wisbech, Cambridgeshire, PE14 0LR.
1.1
Accounting convention
These financial statements have been prepared in accordance 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.
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, other than fixed asset investments, which are held at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Cottrill Holdings Limited. These consolidated financial statements are available from its registered office.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised when labour has been provided to clients. Turnover not billed at year end is recognised as amounts recoverable on contracts within debtors.
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.
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
12
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:
Freehold land and buildings
2% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Investments relating to vintage vehicles and are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in profit or loss.
1.6
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.
1.7
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
13
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
1.11
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
14
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Placement of labour
11,101,242
14,392,723
Accommodation
564,196
769,336
Shop sales
128,241
176,462
Other
8,736
9,169
Transport
534,496
632,735
Intercompany recharges (extension)
-
56,755
12,336,911
16,037,180
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
21,005
13,350
Depreciation of owned tangible fixed assets
112,484
106,392
Loss/(profit) on disposal of tangible fixed assets
122
(15,599)
Operating lease charges
9,288
6,952
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
453
569
Administration
16
15
Total
469
584
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
4
Employees (continued)
15
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
10,242,108
12,866,539
Social security costs
794,541
1,064,731
Pension costs
75,431
82,773
11,112,080
14,014,043
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
17,086
10,809
Other income from investments
Other investment income
(22,391)
-
Total income
17,086
10,809
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
36,095
21,128
Interest on finance leases and hire purchase contracts
27,191
14,734
63,286
35,862
7
Other gains and losses
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Valuation loss on investments held at fair value through profit or loss
(22,391)
-
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
16
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
87,076
186,261
Adjustments in respect of prior periods
15,225
(3,230)
Total current tax
102,301
183,031
Deferred tax
Origination and reversal of timing differences
(11,770)
13,310
Total tax charge
90,531
196,341
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
315,171
1,029,951
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
72,521
195,691
Tax effect of expenses that are not deductible in determining taxable profit
635
2,457
Tax effect of income not taxable in determining taxable profit
(4,116)
Adjustments in respect of prior years
15,225
(3,231)
Group relief
(7,086)
(1,021)
Effect of revaluations of investments
5,150
Fixed asset differences
5,022
3,367
Remeasurement of deferred tax for changes in tax rates
(936)
3,194
Taxation charge for the year
90,531
196,341
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
17
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
1,177,650
158,929
146,417
450,448
1,933,444
Additions
10,180
2,088
125,269
137,537
Disposals
(53,245)
(53,245)
At 30 November 2023
1,177,650
169,109
148,505
522,472
2,017,736
Depreciation and impairment
At 1 December 2022
141,164
102,512
120,065
214,070
577,811
Depreciation charged in the year
23,556
13,954
6,258
68,716
112,484
Eliminated in respect of disposals
(50,150)
(50,150)
At 30 November 2023
164,720
116,466
126,323
232,636
640,145
Carrying amount
At 30 November 2023
1,012,930
52,643
22,182
289,836
1,377,591
At 30 November 2022
1,036,486
56,417
26,352
236,378
1,355,633
10
Fixed asset investments
2023
2022
£
£
Other investments
311,604
133,995
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 December 2022
133,995
Additions
200,000
Valuation changes
(22,391)
At 30 November 2023
311,604
Carrying amount
At 30 November 2023
311,604
At 30 November 2022
133,995
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
18
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
6,460
8,091
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
715,138
1,209,621
Accrued income
141,016
136,127
Amounts owed by group undertakings
1,777,526
1,533,774
Other debtors
267,849
104,633
Prepayments and accrued income
93,984
85,898
2,995,513
3,070,053
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
116,875
106,115
Obligations under finance leases
16
110,170
69,624
Trade creditors
170,764
349,387
Amounts owed to group undertakings
894
Corporation tax
87,927
185,503
Other taxation and social security
382,351
582,176
Other creditors
304,470
373,600
Accruals and deferred income
59,513
53,451
1,232,964
1,719,856
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
19
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
379,676
467,198
Obligations under finance leases
16
274,918
231,574
654,594
698,772
15
Loans and overdrafts
2023
2022
£
£
Bank loans
496,551
573,313
Payable within one year
116,875
106,115
Payable after one year
379,676
467,198
The company has three outstanding mortgages, the first of £107k (2022 – £115k). Monthly repayments are made of £1.4k and the debt is due to mature in August 2032. This is secured against land and buildings. Interest is charged at 2.1% above the Bank of England base rate.
The second has a balance of £168k (2022 – £184k). Variable monthly repayments are made, and the debt is due to mature in September 2026. This is secured against land and buildings. Interest is charged at 2.5% above the Bank of England base rate.
The third has a balance of £222k (2022 – £274k). Variable monthly repayments are made, and the debt is due to mature in June 2027. This is secured against land and buildings. Interest is charged at 2.45% above the Bank of England base rate.
16
Finance lease obligations - Hire purchase
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
110,170
69,624
In two to five years
274,918
231,574
385,088
301,198
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
20
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
7,584
18,989
Revaluations
134,225
134,225
Short term timing differences
(3,803)
(3,438)
138,006
149,776
2023
Movements in the year:
£
Liability at 1 December 2022
149,776
Credit to profit or loss
(11,770)
Liability at 30 November 2023
138,006
The deferred tax liability set out above relating to accelerated capital allowances are expected to reverse within 12 months. The deferred tax liability relating to revaluations will reverse on the sale of land.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,431
82,773
At the year end outstanding pension contributions totalled £35,495 (2022: £32,062).
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5
5
5
5
Ordinary A shares of £1 each
1
1
1
1
6
6
6
6
WMS Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
21
20
Ultimate controlling party
The immediate parent company is Cottrill Holdings Limited (company registration number 06816809). The ultimate controlling party is Mr Wayne Cottrill.
Copies of the group consolidated financial statements can be obtained at Companies House, Cardiff.
21
Directors' transactions
Dividends totalling £0 (2022: £0) were paid in the year in respect of shares held by the company's directors.
During the year advances were made to the Directors of £195,254 (2022: £324,287), and the company received £16,571 (2022: £252,810) from directors. At the year end amounts due by Directors totalled £238,422 (2022: £59,739).
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