Company Registration No. 07187007 (England and Wales)
Platform Recruitment Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Platform Recruitment Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
3 - 8
Platform Recruitment Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,601
13,743
Investments
5
24,275
-
0
37,876
13,743
Current assets
Debtors
6
276,264
233,170
Cash at bank and in hand
504,316
519,900
780,580
753,070
Creditors: amounts falling due within one year
7
(311,479)
(284,750)
Net current assets
469,101
468,320
Net assets
506,977
482,063
Capital and reserves
Called up share capital
9
544
544
Capital redemption reserve
480
480
Profit and loss reserves
505,953
481,039
Total equity
506,977
482,063

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 10 September 2024 and are signed on its behalf by:
Mr Martin Lawes
Director
Company Registration No. 07187007
Platform Recruitment Limited
Statement of changes in equity
For the year ended 31 March 2024
2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
658
366
478,324
479,348
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
294,115
294,115
Dividends
-
-
(187,567)
(187,567)
Redemption of shares
9
(114)
114
(103,833)
(103,833)
Balance at 31 March 2023
544
480
481,039
482,063
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
202,464
202,464
Dividends
-
-
(177,550)
(177,550)
Balance at 31 March 2024
544
480
505,953
506,977
Platform Recruitment Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Platform Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Fixtures and fittings
33.33% straight line basis
Computer equipment
33.33% straight line basis
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Platform Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.5
Cash and cash equivalents

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.

1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Debt instruments are subsequently measured at amortised cost.

1.7
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 income statement 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.

 

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Platform Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.8
Retirement benefits

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

1.9
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.10
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.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
25
20
Platform Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
25,801
20,500
46,301
Additions
5,442
5,526
10,968
Disposals
-
0
(692)
(692)
At 31 March 2024
31,243
25,334
56,577
Depreciation and impairment
At 1 April 2023
17,481
15,077
32,558
Depreciation charged in the year
6,655
3,763
10,418
At 31 March 2024
24,136
18,840
42,976
Carrying amount
At 31 March 2024
7,107
6,494
13,601
At 31 March 2023
8,320
5,423
13,743
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
24,275
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
24,275
At 31 March 2024
24,275
Carrying amount
At 31 March 2024
24,275
At 31 March 2023
-

During the year the company acquired a 100% interest in Platform Recruitment GmbH, a company registered in Germany.

Platform Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
199,211
134,123
Prepayments and accrued income
77,053
99,047
276,264
233,170
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89,084
90,792
Corporation tax
75,037
70,519
Other taxation and social security
109,637
89,443
Other creditors
8,721
6,778
Accruals and deferred income
29,000
27,218
311,479
284,750
8
Share-based payment transactions

During the year the company operated an equity settled option scheme over a maximum term of 10 years. EMI share options were issued during the year over 30 non-voting Ordinary E shares of £1.

 

Options are allocated on a discretionary basis to employees and are subject to non-market vesting conditions and only become exercisable subject to the conditions set out in the option scheme rules. The options may not be exercised later than the 10th anniversary of the share issue.

 

No share option charge has been recognised in the current year.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
-
0
-
0
-
0
-
0
Granted
30
-
0
410.37
-
0
Outstanding at 31 March 2024
30
-
0
410.37
-
0
Exercisable at 31 March 2024
-
0
-
0
-
0
-
0
Platform Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
540
540
540
540
'A' Ordinary shares of £1 each
1
1
1
1
'B' Ordinary shares of £1 each
1
1
1
1
'C' Ordinary shares of £1 each
1
1
1
1
'D' Ordinary shares of £1 each
1
1
1
1
544
544
544
544
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
129,695
192,591
11
Directors' transactions

Dividends totalling £177,550 (2023 - £187,567) were paid in the year in respect of shares held by the company's directors.

12
Controlling party

The company's controlling party is Mr Martin Lawes by virtue of his ownership of 85% of the issued equity share capital in the company.

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