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img110f.png






Financial Statements
MMA Healthcare Recruitment UK Limited
For the year ended 31 December 2023





































Registered number: 04331562

 
MMA Healthcare Recruitment UK Limited
 

Company Information


Directors
Brian Crowley 
Thomas Smyth 
Melinda Moolman 




Registered number
04331562



Registered office
Bank House
81 St Judes Road

Englefield Green

Surrey

United Kingdom

TW20 0DF




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Ireland




Bankers
Wise Payments Ltd.
6th Floor, The Tea Building, 56

Shoreditch High Street

London E1 6JJ

United Kingdom





Barclays Bank UK Plc

1 Churchill Place

London E14 5HHP

United Kingdom





 
MMA Healthcare Recruitment UK Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24


 
MMA Healthcare Recruitment UK Limited
 
 
Directors' report
For the year ended 31 December 2023

The directors present their annual report and the audited financial statements for the year ended 31 December 2023.
The current year is a 12 month period ending 31 December 2023. The prior period is for a seven 7 month period ended 31 December 2022.

Principal activity

The Company's primary activity is providing medical recruitment services by delivering staffing solutions to the public, private and not for profit sectors across the United Kingdom.

Results and dividends

The profit for the year, after taxation, amounted to £424,689 (2022: £519,206).

During the year, the Company declared dividends of £651,919 (2022: £Nil).

Directors

The directors who served during the year were:

Brian Crowley 
Thomas Smyth 
Melinda Moolman 

Future Developments

The directors do not envisage any substantial changes to the nature of the business.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 1

 
MMA Healthcare Recruitment UK Limited
 

Directors' report (continued)
For the year ended 31 December 2023

Going concern

In preparing the financial statements, the directors consider it appropriate to continue to use the going concern assumption which assumes that the Company will have sufficient resources to enable it to meet its liabilities as and when they fall due.

At 31 December 2023, the Company has a surplus in shareholders' funds of £1,106,632 (2022: £1,333,862) and earned an income for the financial year of £424,689 (2022: £519,206).

There were no significant changes in the Company's principal activity during the financial year and the directors are not aware at the date of this report of any likely major changes in either the nature or level of the Company's activities in the next year. The Company is in a strong financial position. After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation, based on its present liquidity position, that the Company has adequate resources to continue in operational existence for the foreseeable future.

Based on a consideration of the factors above, the directors believe that the going concern basis of preparation is appropriate for the financial statements. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Branches outside the State

The Company has a branch in South Africa and a subsidiary located in India. There are no other branches outside the United Kingdom. 

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Brian Crowley
Director

Date: 23 September 2024

Page 2

 
MMA Healthcare Recruitment UK Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Directors' report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 audited financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.
 
On behalf of the board



Brian Crowley
Director
Date: 23 September 2024 

Page 3

 
 
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Independent auditor's report to the members of MMA Healthcare Recruitment UK Limited
 
Opinion


We have audited the financial statements of MMA Healthcare Recruitment UK Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of 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, MMA Healthcare Recruitment UK Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 directors' 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 the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 4

 
 
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Independent auditor's report to the members of MMA Healthcare Recruitment UK Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' 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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 5

 
 
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Independent auditor's report to the members of MMA Healthcare Recruitment UK Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine 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, management 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with adherence to data protection requirements in which the Company operates and holds data and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias through judgements and assumptions in significant accounting estimates. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 6

 
 
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Independent auditor's report to the members of MMA Healthcare Recruitment UK Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of investment in subsidiary; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.



 
 
Dan Holland (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13 - 18 City Quay
Dublin 2
 
Date:
 24 September 2024
Page 7

 
MMA Healthcare Recruitment UK Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

31 December
7 month period ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
4,506,153
2,843,656

Cost of sales
  
(2,660,036)
(1,654,061)

Gross profit
  
1,846,117
1,189,595

Administrative expenses
  
(1,296,854)
(554,873)

Operating profit
 5 
549,263
634,722

Interest receivable and similar income
  
4,255
7,961

Interest payable and similar expenses
 8 
(6,619)
(3,532)

Profit before tax
  
546,899
639,151

Tax on profit
 9 
(122,210)
(119,945)

Profit for the financial year/period
  
424,689
519,206

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 
MMA Healthcare Recruitment UK Limited
Registered number:04331562

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
26,315
-

Financial assets
 12 
45,196
23,238

  
71,511
23,238

Current assets
  

Debtors: amounts falling due within one year
 13 
553,269
1,020,769

Cash at bank and in hand
 14 
1,355,760
938,816

  
1,909,029
1,959,585

Current liabilities
  

Creditors: amounts falling due within one year
 15 
(783,596)
(521,199)

Net current assets
  
 
 
1,125,433
 
 
1,438,386

Total assets less current liabilities
  
1,196,944
1,461,624

Creditors: amounts falling due after more than one year
 16 
(90,312)
(127,762)

Net assets
  
1,106,632
1,333,862


Capital and reserves
  

Called up share capital 
 18 
22,000
22,000

Share premium account
 19 
25,002
25,002

Profit and loss account
 19 
1,059,630
1,286,860

Shareholders' funds
  
1,106,632
1,333,862


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Brian Crowley
Director

Date: 23 September 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 9

 
MMA Healthcare Recruitment UK Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
22,000
25,002
1,286,860
1,333,862


Comprehensive income for the year

Profit for the year
-
-
424,689
424,689

Dividends (Note 10)
-
-
(651,919)
(651,919)


At 31 December 2023
22,000
25,002
1,059,630
1,106,632



Statement of changes in equity
For the 7 month period ended 31 December 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
22,000
25,002
767,654
814,656


Comprehensive income for the period

Profit for the period
-
-
519,206
519,206


At 31 December 2022
22,000
25,002
1,286,860
1,333,862


The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

MMA Healthcare Recruitment UK Limited is a private company limited by shares, which was incorporated on 29 November 2001. The Company is register under the number 04331562 with a registered office Bank House, 81 St Judes Road, Englefield Green, Surrey, United Kingdom, TW20 0DF.

The Company's primary activity is providing medical recruitment services by delivering staffing solutions to the public, private and not for profit sectors across the United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company qualifies as a small company as defined by section 280A of the Act, in respect of the
financial year and has applied the rules of the "Small Companies Regime" in accordance with section
280C of the Act.
The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the group is small and included in the consolidated accounts of Brian Crowley Holdings Limited. Therefore, the financial statements present the results of the Company only, and not its group.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors consider it appropriate to continue to use the going concern assumption which assumes that the Company will have sufficient resources to enable it to meet its liabilities as and when they fall due.

At 31 December 2023, the Company has a surplus in shareholders' funds of £1,106,632 (2022: £1,333,862) and earned an income for the financial year of £424,689 (2022: £519,206).

There were no significant changes in the Company's principal activity during the financial year and the directors are not aware at the date of this report of any likely major changes in either the nature or level of the Company's activities in the next year. The Company is in a strong financial position. After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation, based on its present liquidity position, that the Company has adequate resources to continue in operational existence for the foreseeable future.

Based on a consideration of the factors above, the directors believe that the going concern basis of preparation is appropriate for the financial statements. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Page 11

 
MMA Healthcare Recruitment UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

 
MMA Healthcare Recruitment UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.11

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
MMA Healthcare Recruitment UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.11
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
MMA Healthcare Recruitment UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.17

 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.

Page 15

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates.

In the process of applying the Company's accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognised in the financial statements:

Estimating useful lives of depreciable assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.

Impairment of investments
The directors determine whether there are indicators of impairment on the Company assets. Factors taken into consideration in reaching such decision include economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of the unit.


4.


Turnover

An analysis of turnover by class of business is as follows:


31 December
7 month period ended
31 December
2023
2022
£
£

Recruitment services
4,506,153
2,843,656


All turnover arose within the United Kingdom.

Page 16

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Operating profit

The operating profit is stated after charging:

31 December
7 month period ended
31 December
2023
2022
£
£

Bad debts
2,859
-

Difference on foreign exchange
1,783
297

Equipment leasing
16,086
15,638

Intercompany charges
630,415
277,192

Defined contribution pension cost
40,000
20,460

Auditor's remuneration
20,743
-

Auditor's remuneration on tax services
1,600
1,600

Depreciation of tangible fixed assets
5,685
-


6.


Employees

31 December
7 month period ended
31 December
2023
2022
£
£

Wages and salaries
304,864
113,660

Social security costs
15,861
6,280

Cost of defined contribution scheme
41,462
20,460

362,187
140,400


The average monthly number of employees, including the directors, during the year was as follows:


     31 December
7 month period ended
      31 December
        2023
        2022
            No.
            No.







Administration
3
2



Directors
1
1

4
3

Page 17

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Directors' remuneration

31 December
7 month period ended
31 December
2023
2022
£
£

Directors' emoluments
119,167
36,048

Company contributions to defined contribution pension schemes
40,000
20,047

159,167
56,095


Other than the amounts disclosed in the table above, any further required disclosures in section 305 & 306 of the Companies Act 2006 are £Nil for both the current period and the preceding period.


8.


Interest payable and similar expenses

31 December
7 month period ended
31 December
2023
2022
£
£


Bank interest payable
4,818
3,532

Other interest payable
1,801
-

6,619
3,532


9.


Taxation


31 December
7 month period ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
122,210
119,945



Taxation on profit on ordinary activities
122,210
119,945
Page 18

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period  ending 31 December 2023 is higher than (2022 - lower than) the standard rate of corporation tax in the UK of  23.5% (2022 - 19%)

31 December
7 month period ended
31 December
2023
2022
£
£


Profit on ordinary activities before tax
546,899
639,151


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
128,521
121,439

Effects of:


Non-taxable income
-
(1,494)

Capital allowances for year in excess of depreciation
(6,184)
-

Double taxation relief
(1,410)
-

Expenses not deductible for tax purposes
1,283
-

Total tax charge for the year/period
122,210
119,945


Factors that may affect future tax charges

The standard rate of UK Corporation Tax is to remain at 19% until 31 March 2023. The Finance Act 2021, which was published on 11 March 2021, states that this rate is to be increased from 19% to 25% from 1 April 2023. These proposed changes were substantively enacted on 24 May 2021. In summary, the rate of Corporation Tax from 1 April 2023 will increase to 25% for companies generating taxable profits of more than £250,000.
A deferred tax arising from capital allowances in excess of depreciation charges has not been recognised in the financial statements. The balance is immaterial to the financial statements.
There were no other factors that may affect future tax charges.

Page 19

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

10.


Dividends

2023
2022
£
£


Dividends declared to equity shareholders
651,919
-

The Company's directors declared dividends to TTM Healthcare Limited amounting to £396,674 and £255,245 on 1 January 2023 and 6 November 2023, respectively. The first tranche was paid on 21 February 2023. The remaining balance is unpaid as at yearend and included in the amounts owed by group undertakings.


11.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2023
22,925


Additions
32,000



At 31 December 2023

54,925



Depreciation


At 1 January 2023
22,925


Charge for the year
5,685



At 31 December 2023

28,610



Net book value



At 31 December 2023
26,315



At 31 December 2022
-

Page 20

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Financial assets





Investments in subsidiary companies

£



Cost


At 1 January 2023
23,238


Additions
21,958



At 31 December 2023

45,196






Net book value



At 31 December 2023
45,196



At 31 December 2022
23,238

Additions during the year pertains to an additional capital contribution to MMA Healthcare India. 


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Country of incorporation

Principal activity

Class of shares

Holding

MMA Healthcare Recruitment India Private Limited
India
Recruitment services
Ordinary shares
100%


13.


Debtors

2023
2022
£
£


Trade debtors
275,276
708,457

Amounts owed by group undertakings
78,553
78,553

Directors' loan account
2,190
17,081

Other debtors
2,109
2,000

Prepayments and accrued income
195,141
214,678

553,269
1,020,769


Page 21

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

13.Debtors (continued)

Trade debtors are non-interest bearing and are generally on 30 days' term credit. As the reporting date the Company has recognised £5,000 (2022: £5,000) allowance for credit losses on outstanding trade debtors.

The amounts owed by other group undertakings are unsecured, interest free and repayable on demand.

Director's loan pertains to advances from a director which are unsecured, interest free and repayable on demand. During the financial year, there was an additional Directors loans of £12,156 (2022: £Nil) and repayments received of £27,047 (2022: £416,197).

Prepayments and other accrued income pertain to deferred costs that are not yet recharged at year end.


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,355,760
938,816


15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (Note 17)
47,120
66,659

Amounts owed to group undertakings
371,655
-

Corporation tax
242,155
248,445

Other taxation and social security
71,296
116,872

Other creditors
40,670
88,022

Accruals and deferred income
10,700
1,201

783,596
521,199



The amounts owed to other group undertakings are unsecured, interest free and repayable on demand. The balance includes dividends payable amounting €255,245 (Note 10).

Other creditors balance relates to outstanding credit cards.

Accruals mainly include liabilities for unbilled operating expenses with 30 to 60 days' term. Deferred income
pertains to deferral of services already received but not yet paid. 

Taxation and social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Page 22

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (Note 17)
90,312
127,762



17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
47,120
66,659

Amounts falling due 1-2 years

Bank loans
47,120
66,658

Amounts falling due 2-5 years

Bank loans
43,192
61,104

137,432
194,421


The Company had a loan with Barclays Bank of £137,432 (2022: £194,421). The interest rate on the loan  is 2.81%. The loan is due for repayment in annual installments over the next 5 years. 


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



22,000 (2022 - 22,000) Ordinary shares of £1.00 each
22,000
22,000



19.


Reserves

Called up share capital

Issued share capital represents the nominal value of shares that have been issued.

Share premium account

Share premium account pertains to the payment of shareholders other than share capital.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.

Page 23

 
MMA Healthcare Recruitment UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

20.


Related party transactions

During the financial year,  the Company entered into transactions with the parent, TTM Healthcare Limited, which holds 70% ownership on the Company. This includes management charges amounted to £92,340 (2022: £Nil) and intercompany revenue of £28,866 (2022: £Nil). As at 31 December 2023, an intercompany payable remained outstanding amounted to £116,410 (2022: £Nil). 

During the financial year, the Company declared dividends to TTM Healthcare Limited amounting to £651,919. As at 31 December 2023, a dividend payable remained outstanding amounted to £255,245 (2022: £Nil) (Note 10).

During the financial year, there was an additional Directors loans of £12,156 (2022: £Nil) and repayments received of £27,047 (2022: £416,197). As at 31 December 2023, directors' loan outstanding amounted to £2,109 (2022: £17,081).


21.


Post balance sheet events

There have been no significant events affecting the Company since the financial year-end. 


22.


Controlling party

At the balance sheet date, the Company’s immediate parent company is TTM Healthcare Limited, a company incorporated in Ireland, which has its principal place of business at Block 3, Ballymaley Business Park, Barefield Ennis Co. Clare, Ennis, Clare, V95 XD79, Ireland.
The Company's ultimate parent company is Brian Crowley Holdings Limited, a company incorporated in Ireland, which has its principal place of business at Ballymaley Business Park, Ballymaley, Ennis, Co. Clare.
Brian Crowley Holdings Limited is owned and controlled by Brian Crowley.
The parent undertaking of the smallest and largest group of which the company is a member and for which group financial statements are prepared is Brian Crowley Holdings Limited. 
Copies of the consolidated financial statements of Brian Crowley Holdings Limited are available from Ballymaley Business Park, Ballymaley, Ennis, Co. Clare.


Page 24