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REGISTERED NUMBER: 04522646 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

CDM Recruitment Limited

CDM Recruitment Limited (Registered number: 04522646)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CDM Recruitment Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: C Wall





SECRETARY: L Ash





REGISTERED OFFICE: 16 Bluesky Way
Monkton Business Park
Hebburn
Tyne and Wear
NE31 2EQ





REGISTERED NUMBER: 04522646 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

CDM Recruitment Limited (Registered number: 04522646)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 269,484 266,137

CURRENT ASSETS
Debtors 5 1,712,246 1,593,147
Cash at bank 365,323 568,257
2,077,569 2,161,404
CREDITORS
Amounts falling due within one year 6 1,803,423 1,769,625
NET CURRENT ASSETS 274,146 391,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

543,630

657,916

CREDITORS
Amounts falling due after more than one
year

7

(156,721

)

(249,353

)

PROVISIONS FOR LIABILITIES 10 (4,573 ) (3,622 )
NET ASSETS 382,336 404,941

CAPITAL AND RESERVES
Called up share capital 11 500 500
Capital redemption reserve 1,000 1,000
Retained earnings 380,836 403,441
SHAREHOLDERS' FUNDS 382,336 404,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

CDM Recruitment Limited (Registered number: 04522646)

Balance Sheet - continued
31 December 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 director and authorised for issue on 13 May 2024 and were signed by:





C Wall - Director


CDM Recruitment Limited (Registered number: 04522646)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

CDM Recruitment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition policy
Income for the provision of services is recognised when the conditions contained within the service contract have been met, with any unbilled income being accrued at the year-end. For permanent placements there is a potential clawback of placement fees if a permanent placement leaves within a certain timeframe. Provisions for clawback of fees are made where necessary.

Government grants
Revenue based grants are credited to the profit and loss account on receipt.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Office equipment - 25% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

The director considers that the long leasehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account. The director performs annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CDM Recruitment Limited (Registered number: 04522646)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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 taken into account in arriving at the operating result.

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.

Invoice discounting facility
The invoice discounting facility represents amounts received in respect of financed debts. There is some recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period.

Operating leases
Rentals payable under operating leases are charged against the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 28 ) .

CDM Recruitment Limited (Registered number: 04522646)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Long Office and Computer
leasehold equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 245,617 2,105 12,253 34,983 294,958
Additions - 254 - 14,444 14,698
Disposals - - (450 ) (6,851 ) (7,301 )
At 31 December 2023 245,617 2,359 11,803 42,576 302,355
DEPRECIATION
At 1 January 2023 - 918 9,510 18,393 28,821
Charge for year - 371 1,015 9,965 11,351
Eliminated on disposal - - (450 ) (6,851 ) (7,301 )
At 31 December 2023 - 1,289 10,075 21,507 32,871
NET BOOK VALUE
At 31 December 2023 245,617 1,070 1,728 21,069 269,484
At 31 December 2022 245,617 1,187 2,743 16,590 266,137

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,615,958 1,505,108
Other debtors 10,084 5,079
Prepayments and accrued income 86,204 82,960
1,712,246 1,593,147

Included in trade debtors above are debtors subject to invoice discounting of £1,506,177 (2022: £1,430,930).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 94,416 89,697
Trade creditors 28,076 39,173
Corporation tax 35,932 45,086
Taxation and social security 521,529 504,549
Invoice discounting creditor 907,877 852,092
Director's current account 48,823 51,020
Accruals and deferred income 166,770 188,008
1,803,423 1,769,625

CDM Recruitment Limited (Registered number: 04522646)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 100,467 95,247
Bank loans - 2-5 years 56,254 154,106
156,721 249,353

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 64,083 60,358
Between one and five years 221,317 178,650
In more than five years 174,238 187,500
459,638 426,508

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 251,137 339,050
Invoice discounting creditor 907,877 852,092
1,159,014 1,191,142

The invoice discounting facility is secured by way of fixed and floating charges over all assets of the company. The bank loans are secured over the leasehold property.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,573 3,622

Deferred
tax
£   
Balance at 1 January 2023 3,622
Accelerated capital allowances 951
Balance at 31 December 2023 4,573

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary £1 500 500

CDM Recruitment Limited (Registered number: 04522646)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.


2023 2022
£ £

Amounts due to director 48,823 51,020
No interest has been charged.


13. SHARE-BASED PAYMENT TRANSACTIONS

The company has an EMI share option scheme in place, however the director does not consider the financial impact of the scheme to be material.

The number of share options in issue as at 31 December 2023 is nil (2022: 4) where each option is over 10 shares. The options were granted on 15 February 2013. The exercise price is £454.545 per share. During the year the EMI share option scheme expired. During the year no options were granted (2022: none), no options were forfeited (2022: none) and no options were exercised (2022: none).