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Registration number: 08387222

Baltimore Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Baltimore Consulting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Baltimore Consulting Limited

Company Information

Directors

Ms Charmaine Vincent

Ms Natasha Clarke

Registered office

17th Floor Castlemead
Lower Castle Street
Bristol
BS1 3AG

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Baltimore Consulting Limited

(Registration number: 08387222)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

350,696

46,458

Current assets

   

Debtors

5

3,624,314

 

3,129,584

Cash at bank and in hand

 

224,676

 

183,664

 

3,848,990

 

3,313,248

Creditors: Amounts falling due within one year

6

(2,638,247)

 

(2,340,294)

Net current assets

   

1,210,743

972,954

Total assets less current liabilities

   

1,561,439

1,019,412

Creditors: Amounts falling due after more than one year

6

 

(232,605)

-

Provisions for liabilities

 

(17,483)

(10,036)

Net assets

   

1,311,351

1,009,376

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

1,311,251

 

1,009,276

Total equity

   

1,311,351

1,009,376

 

Baltimore Consulting Limited

(Registration number: 08387222)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

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

Ms Charmaine Vincent
Director

 

Baltimore Consulting Limited

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

1

General information

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

The address of its registered office is:
17th Floor Castlemead
Lower Castle Street
Bristol
BS1 3AG

These financial statements were authorised for issue by the Board on 18 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover on permanent contracts is recognised when the contract commences. Turnover on temporary placements is recognised as the work is carried out.

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.

 

Baltimore Consulting Limited

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

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:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Baltimore Consulting Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Baltimore Consulting Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 28).

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2023

119,433

119,433

Additions

368,769

368,769

Disposals

(74,168)

(74,168)

At 31 December 2023

414,034

414,034

Depreciation

At 1 January 2023

72,975

72,975

Charge for the year

64,531

64,531

Eliminated on disposal

(74,168)

(74,168)

At 31 December 2023

63,338

63,338

Carrying amount

At 31 December 2023

350,696

350,696

At 31 December 2022

46,458

46,458

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,577,041

1,522,573

Amounts owed by group undertakings

8

1,186,847

934,887

Prepayments

 

65,669

70,992

Other debtors

 

794,757

601,132

 

3,624,314

3,129,584

 

Baltimore Consulting Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

72,867

-

Trade creditors

 

637,549

41,491

Taxation and social security

 

351,412

391,764

Accruals and deferred income

 

371,139

723,507

Other creditors

 

1,205,280

1,183,532

 

2,638,247

2,340,294

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

232,605

-

7 Charges on assets

RBS Invoice Finance Limited hold a charge dated 22 January 2020 in respect of the assets of the company.

As at the year end the company owed £1,121,519 (2022: £1,107,926) to RBS Invoice Finance Limited.

Included in loans and borrowings is £305,472 (2022: £nil) relating to finance leases which are secured on the corresponding assets.

The borrowings of the company are secured by a cross guarantee from Baltimore Holdings Limited.

8

Related party transactions

During the year the directors maintained a loan account with the company.

As at the year end the directors owed the company £172,968 (2022: £55,918). There are no fixed repayments terms associated with this loan and no interest is charged on the outstanding amount.

 

Baltimore Consulting Limited

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

9 Holding Company

Baltimore Holdings Limited own 100% of the share capital in Baltimore Consulting Limited. The registered office of Baltimore Holdings Limited is: 17th Floor Castlemead, Lower Castle Street, Bristol, BS1 3AG.

Included within other interest payable within these accounts is £25,540 (2022: £54,199) in relation to interest payable on loans taken out by Baltimore Holdings Limited.

Included within these accounts is £4,805 (2022: £3,094) in relation to loan arrangement fees payable on loans taken out by Baltimore Holdings Limited.

As at the year end Baltimore Consulting Limited was owed £1,186,847 (2022: £934,887) from Baltimore Holdings limited in the form of an intercompany loan. There are no fixed repayment terms associated with this loan and no interest is charged on the outstanding amount.

10 Contingent liabilities

The company has provided a cross guarantee over the borrowings of Baltimore Holdings Limited, which at the year end totalled £358,390 (2022: £611,798).

11 Operating leases

At the year end the total future minimum lease payments under non-cancellable operating leases was £1,036,579 (2022: £36,510).