IRIS Accounts Production v24.2.0.383 07061618 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 recruitment consultants. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070616182022-12-31070616182023-12-31070616182023-01-012023-12-31070616182021-12-31070616182022-01-012022-12-31070616182022-12-3107061618ns15:EnglandWales2023-01-012023-12-3107061618ns14:PoundSterling2023-01-012023-12-3107061618ns10:Director12023-01-012023-12-3107061618ns10:Director22023-01-012023-12-3107061618ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107061618ns10:FRS1022023-01-012023-12-3107061618ns10:Audited2023-01-012023-12-3107061618ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3107061618ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3107061618ns10:FullAccounts2023-01-012023-12-3107061618ns10:OrdinaryShareClass12023-01-012023-12-3107061618ns10:RegisteredOffice2023-01-012023-12-3107061618ns5:CurrentFinancialInstruments2023-12-3107061618ns5:CurrentFinancialInstruments2022-12-3107061618ns5:Non-currentFinancialInstruments2023-12-3107061618ns5:Non-currentFinancialInstruments2022-12-3107061618ns5:ShareCapital2023-12-3107061618ns5:ShareCapital2022-12-3107061618ns5:RetainedEarningsAccumulatedLosses2023-12-3107061618ns5:RetainedEarningsAccumulatedLosses2022-12-3107061618ns5:ShareCapital2021-12-3107061618ns5:RetainedEarningsAccumulatedLosses2021-12-3107061618ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3107061618ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3107061618ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3107061618ns5:PlantMachinery2023-01-012023-12-3107061618ns5:FurnitureFittings2023-01-012023-12-3107061618ns5:MotorVehicles2023-01-012023-12-3107061618ns5:ComputerEquipment2023-01-012023-12-310706161812023-01-012023-12-310706161812022-01-012022-12-310706161822023-01-012023-12-310706161822022-01-012022-12-3107061618ns5:OwnedAssets2023-01-012023-12-3107061618ns5:OwnedAssets2022-01-012022-12-3107061618ns10:OrdinaryShareClass12022-01-012022-12-3107061618ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3107061618ns5:PlantMachinery2022-12-3107061618ns5:FurnitureFittings2022-12-3107061618ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3107061618ns5:PlantMachinery2023-12-3107061618ns5:FurnitureFittings2023-12-3107061618ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3107061618ns5:PlantMachinery2022-12-3107061618ns5:FurnitureFittings2022-12-3107061618ns5:MotorVehicles2022-12-3107061618ns5:ComputerEquipment2022-12-3107061618ns5:MotorVehicles2023-12-3107061618ns5:ComputerEquipment2023-12-3107061618ns5:MotorVehicles2022-12-3107061618ns5:ComputerEquipment2022-12-3107061618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107061618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107061618ns5:DeferredTaxation2022-12-3107061618ns5:DeferredTaxation2023-01-012023-12-3107061618ns5:DeferredTaxation2023-12-3107061618ns10:OrdinaryShareClass12023-12-3107061618ns5:RetainedEarningsAccumulatedLosses2022-12-31070616181ns10:Director12022-12-31070616181ns10:Director12021-12-31070616181ns10:Director12023-01-012023-12-31070616181ns10:Director12022-01-012022-12-31070616181ns10:Director12023-12-31070616181ns10:Director12022-12-3107061618ns10:Director222022-12-3107061618ns10:Director222021-12-3107061618ns10:Director222023-01-012023-12-3107061618ns10:Director222022-01-012022-12-3107061618ns10:Director222023-12-3107061618ns10:Director222022-12-31
REGISTERED NUMBER: 07061618 (England and Wales)















VANTAGE CONSULTING (MIDLANDS) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


VANTAGE CONSULTING (MIDLANDS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J Weavell
Mr R K Jones





REGISTERED OFFICE: Unit B Gillett Close
Dyson Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ





REGISTERED NUMBER: 07061618 (England and Wales)

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The year 2023 represented a challenging yet essential period of transition for the company. The decision was made to refocus our strategic direction and brands, downsizing our Permanent Recruitment operations specifically the DACH (Germany, Austria, Switzerland) markets. This strategic shift was informed by several key factors including a too heavily weighted permanent business. Macroeconomic and market conditions, specifically, DACH were identified as slow and resource-intensive areas with considerable competition, contributing to unpredictably "lumpy" revenue streams and contributing to the overall reduction in revenues. In response, the company pivoted its focus towards building a stronger, streamlined UK and US focused business model, concentrating on core UK and US Contract operations and developing complementary permanent talent solutions.

This strategic reorientation resulted in a reduction in revenue and profitability in the short term. Overall, revenue for 2023 declined by £2 million, representing a 16% decrease compared to the prior year. The decline in financial performance in 2023 reflects the cost and effort of repositioning the business. While these results are disappointing in the short term, the board believes that this re-focusing will lead to a more resilient, higher margin and sustainable business model in the medium to long term.

PRINCIPAL RISKS AND UNCERTAINTIES
Vantage Consulting's principle financial risks comprise of macroeconomic pressures, global uncertainty, interest rates, foreign exchange and cash flow liquidity. Vantage mitigate this by trading in highly competitive STEM specialist sectors which are more resilient to the fluctuations of the economy. Offering our staffing solutions internationally aids in elevating our exposure to geographic market downturns. The directors monitor the financial requirements and associated risks regularly. Liquidity risk is monitored weekly with cashflow forecasts, following credit control procedures and cost control procedures. Trade debtors are managed by monitoring their credit worthiness prior to commencing business, and working closely with customers to ensure debt is within credit limits.
As Vantage continues to expand globally, mitigating exposure to foreign exchange risk is paramount, and is conducted by matching revenue v's costs in the local currency and reviewing exchange exposure on a constant basis.

FUTURE OUTLOOK
The board remains confident that the strategic repositioning undertaken in 2023 and has already seen an improved performance and profitability in 2024. By concentrating our resources on the UK and US specialist STEM Contract markets and supplementary high margin permanent sectors, we aim to capitalize on market opportunities, enhance operational efficiency, and build a stable revenue base.

The company's leadership remains committed to navigating through this transitionary phase, with a clear focus on strengthening our core business brands, optimizing our cost structure, and enhancing overall value for stakeholders.

ON BEHALF OF THE BOARD:





Mr J Weavell - Director


30 September 2024

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 280,000 .

The Directors do not recommend payment of a further dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr J Weavell
Mr R K Jones

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Deans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr J Weavell - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VANTAGE CONSULTING (MIDLANDS) LIMITED


Opinion
We have audited the financial statements of Vantage Consulting (Midlands) Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities 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 UK, including the FRC's Ethical Standard, and 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other 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 statements, our 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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VANTAGE CONSULTING (MIDLANDS) LIMITED


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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have 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 obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VANTAGE CONSULTING (MIDLANDS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives 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 a Report of the Auditors that includes our 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risk of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual balances, variances or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions; and
- specifically tested the controls around banking payments.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation claims;
- reviewing correspondence with HMRC and other relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VANTAGE CONSULTING (MIDLANDS) LIMITED


Use of our report
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 a Report of the Auditors 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.




Jeremy G Hodgkiss (Senior Statutory Auditor)
for and on behalf of Deans
Chartered accountants
Statutory auditor
Gibson House
Hurricane Court
Hurricane Close
Stafford
ST16 1GZ

30 September 2024

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

PROFIT AND LOSS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 10,889,168 12,903,943

Cost of sales (7,188,016 ) (7,963,462 )
GROSS PROFIT 3,701,152 4,940,481

Administrative expenses (3,881,319 ) (4,084,643 )
(180,167 ) 855,838

Other operating income 1,223 1,223
(178,944 ) 857,061

Interest receivable and similar income 3,768 2,053
(175,176 ) 859,114

Interest payable and similar expenses 4 (3,572 ) (10,445 )
(LOSS)/PROFIT BEFORE TAXATION 5 (178,748 ) 848,669

Tax on (loss)/profit 7 24,310 (165,831 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (154,438 ) 682,838

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (154,438 ) 682,838


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(154,438

)

682,838

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 84,129 145,381

CURRENT ASSETS
Debtors 10 1,951,139 2,191,851
Cash at bank and in hand 444,078 650,125
2,395,217 2,841,976
CREDITORS
Amounts falling due within one year 11 (2,174,056 ) (2,222,096 )
NET CURRENT ASSETS 221,161 619,880
TOTAL ASSETS LESS CURRENT LIABILITIES 305,290 765,261

CREDITORS
Amounts falling due after more than one
year

12

(3,670

)

(4,893

)

PROVISIONS FOR LIABILITIES 14 - (24,310 )
NET ASSETS 301,620 736,058

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 301,520 735,958
SHAREHOLDERS' FUNDS 301,620 736,058

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

BALANCE SHEET - continued
31 DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




Mr J Weavell - Director



Mr R K Jones - Director


VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 598,120 598,220

Changes in equity
Profit for the year - 682,838 682,838
Total comprehensive income - 682,838 682,838
Dividends - (545,000 ) (545,000 )
Balance at 31 December 2022 100 735,958 736,058

Changes in equity
Deficit for the year - (154,438 ) (154,438 )
Total comprehensive income - (154,438 ) (154,438 )
Dividends - (280,000 ) (280,000 )
Balance at 31 December 2023 100 301,520 301,620

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 251,907 806,075
Interest paid (3,572 ) (10,445 )
Tax paid (21,878 ) (129,999 )
Net cash from operating activities 226,457 665,631

Cash flows from investing activities
Purchase of tangible fixed assets (2,196 ) (54,084 )
Interest received 3,768 2,053
Net cash from investing activities 1,572 (52,031 )

Cash flows from financing activities
Loan repayments in year - (145,833 )
Amount introduced by directors - 62,795
Amount withdrawn by directors (154,076 ) -
Equity dividends paid (280,000 ) (545,000 )
Net cash from financing activities (434,076 ) (628,038 )

Decrease in cash and cash equivalents (206,047 ) (14,438 )
Cash and cash equivalents at beginning of
year

2

650,125

664,563

Cash and cash equivalents at end of year 2 444,078 650,125

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (178,748 ) 848,669
Depreciation charges 57,362 68,443
Loss on disposal of fixed assets 6,086 -
Finance costs 3,572 10,445
Finance income (3,768 ) (2,053 )
(115,496 ) 925,504
Decrease/(increase) in trade and other debtors 414,199 (203,408 )
(Decrease)/increase in trade and other creditors (46,796 ) 83,979
Cash generated from operations 251,907 806,075

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 444,078 650,125
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 650,125 664,563


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 650,125 (206,047 ) 444,078
650,125 (206,047 ) 444,078
Total 650,125 (206,047 ) 444,078

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Permanent placements
When the outcome of a permanent placement of a candidate can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date on which the candidate commences employment.

Contract workers
When the outcome of a services undertaken by contract workers can be estimated reliably, costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the time undertaken by the contract worker in that period.

Interest receivable
Interest income is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 6 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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

Current or deferred taxation assets and liabilities are not discounted.

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

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


2. ACCOUNTING POLICIES - continued

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants
Government Grants are recognised as income in the period in which the grant becomes receivable using the accruals model.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,188,891 2,599,414
Social security costs 247,070 308,364
Other pension costs 90,674 129,719
2,526,635 3,037,497

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Direct and administration 50 49
52 51

2023 2022
£    £   
Directors' remuneration 18,192 18,058

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 10,445
Other interest payable 2,625 -
VAT Interest 947 -
3,572 10,445

5. (LOSS)/PROFIT BEFORE TAXATION

The loss (2022 - profit) is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 78,503 55,507
Depreciation - owned assets 57,362 68,443
Loss on disposal of fixed assets 6,086 -
Foreign exchange differences 80,687 (47,351 )

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

13,750

-

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 163,403

Deferred tax:
Origination and reversal of timing differences (24,310 ) 2,428
Tax on (loss)/profit (24,310 ) 165,831

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (178,748 ) 848,669
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

(33,962

)

161,247

Effects of:
Expenses not deductible for tax purposes 296 3,258
Capital allowances in excess of depreciation - (1,102 )
Depreciation in excess of capital allowances 10,863 -
Origination and reversal of timing differences (24,310 ) 2,428
Losses carried forward 22,803 -
Total tax (credit)/charge (24,310 ) 165,831

8. DIVIDENDS
2023 2022
£    £   
Interim 280,000 545,000

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 144,427 20,053 119,254
Additions - - 984
Disposals - (20,053 ) (82,308 )
At 31 December 2023 144,427 - 37,930
DEPRECIATION
At 1 January 2023 96,285 18,019 96,483
Charge for year 24,071 821 5,939
Eliminated on disposal - (18,840 ) (77,435 )
At 31 December 2023 120,356 - 24,987
NET BOOK VALUE
At 31 December 2023 24,071 - 12,943
At 31 December 2022 48,142 2,034 22,771

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 75,250 143,039 502,023
Additions - 1,212 2,196
Disposals - (39,978 ) (142,339 )
At 31 December 2023 75,250 104,273 361,880
DEPRECIATION
At 1 January 2023 35,063 110,792 356,642
Charge for year 10,047 16,484 57,362
Eliminated on disposal - (39,978 ) (136,253 )
At 31 December 2023 45,110 87,298 277,751
NET BOOK VALUE
At 31 December 2023 30,140 16,975 84,129
At 31 December 2022 40,187 32,247 145,381

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,622,273 2,070,802
Bad debt provision - (8,333 )
Sundry debtors 18,339 18,494
Directors' current accounts 160,927 15,320
Corporation tax 36,960 9,080
Prepayments and accrued income 112,640 86,488
1,951,139 2,191,851

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 566,662 523,751
Corporation tax 169,405 163,403
Social security and other taxes 46,829 96,070
VAT 195,167 131,351
Other creditors 976,506 967,054
Directors' current accounts - 8,469
Accrued expenses 218,264 330,775
Deferred government grants 1,223 1,223
2,174,056 2,222,096

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Deferred government grants 3,670 4,893

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting creditor 907,441 897,768

At 31 December 2023, the company's assets were subject to a registered debenture that forms security for all debts owing to the bank.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances - 24,310

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 24,310
Credit to Profit and Loss during year (24,310 )
Balance at 31 December 2023 -

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

16. RESERVES
Retained
earnings
£   

At 1 January 2023 735,958
Deficit for the year (154,438 )
Dividends (280,000 )
At 31 December 2023 301,520

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr J Weavell
Balance outstanding at start of year 15,320 62,962
Amounts advanced 120,298 56,600
Amounts repaid (29,898 ) (104,242 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 105,720 15,320

VANTAGE CONSULTING (MIDLANDS) LIMITED (REGISTERED NUMBER: 07061618)

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


17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr R K Jones
Balance outstanding at start of year - 6,684
Amounts advanced 114,247 96,588
Amounts repaid (59,040 ) (103,272 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,207 -

The company has charged the directors interest on the loans at a rate of 2% until 5 April 2023 and 2.25% thereafter. The loans are repayable on demand.

18. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £103,550 (2022 - £176,734).