Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-012023-12-3199No description of principal activity2023-01-01false121truetrue 05738121 2023-01-01 2023-12-31 05738121 2022-01-01 2022-12-31 05738121 2023-12-31 05738121 2022-12-31 05738121 c:CompanySecretary1 2023-01-01 2023-12-31 05738121 c:Director1 2023-01-01 2023-12-31 05738121 c:Director2 2023-01-01 2023-12-31 05738121 c:Director3 2023-01-01 2023-12-31 05738121 c:Director4 2023-01-01 2023-12-31 05738121 c:Director5 2023-01-01 2023-12-31 05738121 c:Director6 2023-01-01 2023-12-31 05738121 c:Director6 2023-12-31 05738121 c:RegisteredOffice 2023-01-01 2023-12-31 05738121 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05738121 d:Buildings d:LongLeaseholdAssets 2023-12-31 05738121 d:Buildings d:LongLeaseholdAssets 2022-12-31 05738121 d:OfficeEquipment 2023-01-01 2023-12-31 05738121 d:OfficeEquipment 2023-12-31 05738121 d:OfficeEquipment 2022-12-31 05738121 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05738121 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05738121 d:Goodwill 2023-01-01 2023-12-31 05738121 d:Goodwill 2023-12-31 05738121 d:Goodwill 2022-12-31 05738121 d:CurrentFinancialInstruments 2023-12-31 05738121 d:CurrentFinancialInstruments 2022-12-31 05738121 d:Non-currentFinancialInstruments 2023-12-31 05738121 d:Non-currentFinancialInstruments 2022-12-31 05738121 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05738121 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05738121 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05738121 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05738121 d:ShareCapital 2023-12-31 05738121 d:ShareCapital 2022-12-31 05738121 d:SharePremium 2023-12-31 05738121 d:SharePremium 2022-12-31 05738121 d:CapitalRedemptionReserve 2023-12-31 05738121 d:CapitalRedemptionReserve 2022-12-31 05738121 d:RetainedEarningsAccumulatedLosses 2023-12-31 05738121 d:RetainedEarningsAccumulatedLosses 2022-12-31 05738121 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05738121 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05738121 c:FRS102 2023-01-01 2023-12-31 05738121 c:Audited 2023-01-01 2023-12-31 05738121 c:FullAccounts 2023-01-01 2023-12-31 05738121 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05738121 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05738121 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05738121 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05738121 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05738121 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05738121 2 2023-01-01 2023-12-31 05738121 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 05738121







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CMA FINANCIAL RECRUITMENT LIMITED






































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CMA FINANCIAL RECRUITMENT LIMITED
 


 
COMPANY INFORMATION


Directors
N F C Clarke 
P J Clarke 
R R Dibden 
N R Phillips 
A Purewal 
M T Smith (appointed 1 May 2023)




Company secretary
N F C Clarke



Registered number
05738121



Registered office
Meridians House
7 Ocean Way

Southampton

Hampshire

SO14 3TJ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


CMA FINANCIAL RECRUITMENT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10


 


CMA FINANCIAL RECRUITMENT LIMITED
REGISTERED NUMBER:05738121



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
291,667
416,667

Tangible assets
 5 
155,334
37,562

  
447,001
454,229

Current assets
  

Debtors: amounts falling due within one year
 6 
4,497,826
3,820,657

Cash at bank and in hand
  
1,310
91,922

  
4,499,136
3,912,579

Creditors: amounts falling due within one year
 7 
(1,079,822)
(932,552)

Net current assets
  
 
 
3,419,314
 
 
2,980,027

Total assets less current liabilities
  
3,866,315
3,434,256

Creditors: amounts falling due after more than one year
 8 
(63,598)
-

Provisions for liabilities
  

Deferred tax
 10 
(929)
(929)

  
 
 
(929)
 
 
(929)

Net assets
  
3,801,788
3,433,327


Capital and reserves
  

Called up share capital 
  
9,782
9,782

Share premium account
  
3,285
3,285

Capital redemption reserve
  
1,200
1,200

Profit and loss account
  
3,787,521
3,419,060

  
3,801,788
3,433,327


Page 1

 


CMA FINANCIAL RECRUITMENT LIMITED
REGISTERED NUMBER:05738121


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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


N R Phillips
Director

Date: 25 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

CMA Financial Recruitment Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The registered address is also the principal place of business.

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 following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis of accounting  in preparing these annual financial statements. 

 
2.3

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.
Revenue from temporary hires are recognised in the period the services are provided to the client. In the case of permanent hires, revenue is recognised when the placement is unconditionally accepted by both parties. A provision is made for any cancelled placements made within 3 months.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 3

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over length of the lease
Office equipment
-
33% reducing balance

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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 5

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 99 (2022 - 121).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
2,500,000



At 31 December 2023

2,500,000



Amortisation


At 1 January 2023
2,083,333


Charge for the year on owned assets
125,000



At 31 December 2023

2,208,333



Net book value



At 31 December 2023
291,667



At 31 December 2022
416,667



Page 7

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
48,363
112,063
160,426


Additions
42,030
122,126
164,156


Disposals
-
(24,317)
(24,317)



At 31 December 2023

90,393
209,872
300,265



Depreciation


At 1 January 2023
36,478
86,386
122,864


Charge for the year on owned assets
9,399
36,650
46,049


Disposals
-
(23,982)
(23,982)



At 31 December 2023

45,877
99,054
144,931



Net book value



At 31 December 2023
44,516
110,818
155,334



At 31 December 2022
11,885
25,677
37,562


6.


Debtors

2023
2022
£
£


Trade debtors
467,908
547,647

Amounts owed by group undertakings
3,844,238
3,158,502

Other debtors
84,254
65,284

Prepayments and accrued income
101,426
49,224

4,497,826
3,820,657


Page 8

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Working capital facility
164,196
-

Trade creditors
68,912
27,079

Corporation tax
96,530
169,287

Other taxation and social security
413,967
407,684

Obligations under finance lease and hire purchase contracts
20,353
-

Other creditors
49,174
35,397

Accruals and deferred income
266,690
293,105

1,079,822
932,552



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
63,598
-

63,598
-



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
20,353
-

Between 1-5 years
63,598
-

83,951
-

Page 9

 


CMA FINANCIAL RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(929)



At end of year
(929)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(929)
(929)

(929)
(929)


11.


Related party transactions

The Company has taken advantage of the available exemption conferred by Section 1AC.35 of FRS102 not to disclose transactions with wholly owned members of the Group.


12.


Controlling party

The Company is a subsidiary of CMA Recruitment Group Limited which is the Parent Company of the smallest group for which consolidated financial statements are drawn up and of which the Company is a member. The registered office address of CMA Recruitment Group Limited is Meridians House, 7 Ocean Way, Southampton, SO14 3TJ.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 10