Company registration number 04733972 (England and Wales)
NEXT PHASE RECRUITMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEXT PHASE RECRUITMENT LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
NEXT PHASE RECRUITMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
page 1

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

 

The principal activity of the company continued to be that of the provision of both permanent and contract professionals to the Life Science sector.

 

Trading Results Summary

 

The company has experienced a satisfactory year servicing customers in its Pharmaceutical, Cell & Gene Therapy, Biotechnology, Rare Diseases, Advanced Therapy (ATMP), MedTech and range of other Life Science sectors. The company continued to provide customers with highly skilled and experienced permanent, contract and temporary placements into a market with marginally more challenging conditions, albeit the Life Science sector still has strong growth characteristics compared to other sectors. For the financial period ended 31 March 2024, sales were broadly similar to the prior year at £3.23 million. The company produced a modest operating profit of £22k.

 

The balance sheet net assets were £219k at 31 March 2024 (2023: £250k). Closing cash was £72k at 31 March 2024 (FY 23: £141k).

 

Future Trading In the Year Ahead

 

The Life Science sector is more resilient and buoyant compared to other UK sectors. The company sees no shortage of opportunity and is accelerating its hiring of new sales talent to meet new customer demand. We remain confident that the year ahead will see further positive progress.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Twinley
(Resigned 30 September 2023)
M Hunt
S Lawton
J Thomas
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Lawton
Director
2 October 2024
NEXT PHASE RECRUITMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
page 2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
11,249
24,181
Current assets
Debtors
6
831,831
745,609
Cash at bank and in hand
72,770
141,217
904,601
886,826
Creditors: amounts falling due within one year
7
(694,514)
(622,518)
Net current assets
210,087
264,308
Total assets less current liabilities
221,336
288,489
Creditors: amounts falling due after more than one year
8
-
0
(33,333)
Provisions for liabilities
(2,465)
(5,692)
Net assets
218,871
249,464
Capital and reserves
Called up share capital
9
32,250
32,250
Profit and loss reserves
186,621
217,214
Total equity
218,871
249,464
NEXT PHASE RECRUITMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
page 3

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

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

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
S Lawton
Director
Company registration number 04733972 (England and Wales)
NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
page 4
1
Accounting policies
Company information

Next Phase Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 7-8 Sterling Buildings, Carfax, Horsham, West Sussex, RH12 1DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

The company's turnover is derived from the provision of permanent and contract professionals to the Life Science sector. Turnover is recognised once the terms specified in each agreement for the provision of services have been satisfied. Turnover is net of VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years straight-line method
Plant and machinery
3 years straight-line method
Fixtures, fittings & equipment
3 years straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
page 5
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of the employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
page 7
3
Employees

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

2024
2023
Number
Number
Total
13
15
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
4,072
Amortisation and impairment
At 1 April 2023 and 31 March 2024
4,072
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
5
Tangible fixed assets
Land and buildings
Plant and machinery     etc
Total
£
£
£
Cost
At 1 April 2023
12,619
69,086
81,705
Additions
-
0
283
283
At 31 March 2024
12,619
69,369
81,988
Depreciation and impairment
At 1 April 2023
6,242
51,282
57,524
Depreciation charged in the year
3,214
10,001
13,215
At 31 March 2024
9,456
61,283
70,739
Carrying amount
At 31 March 2024
3,163
8,086
11,249
At 31 March 2023
6,377
17,804
24,181
NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
page 8
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
699,323
670,393
Amounts owed by group undertakings
97,790
40,000
Other debtors
34,718
35,216
831,831
745,609

At the balance sheet date the full trade debtors balance was subject to the confidential Invoice Discount facility that is in place.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
33,406
66,667
Trade creditors
215,753
245,738
Corporation tax
6,991
18,806
Other taxation and social security
35,125
34,819
Invoice discounting facility
302,655
146,085
Other creditors
100,584
110,403
694,514
622,518

Amounts advanced under the new Invoice Discounting facility arrangement were secured by a fixed and floating charge over the assets of the company.

 

The loan is an unsecured loan from a connected company, Benula Capital Limited. Interest is charged on this loan at a rate of 6%.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
33,333

 

NEXT PHASE RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
page 9
9
Called up share capital
2024
2023
Ordinary share capital
£
£
Authorised
Issued and fully paid
27,750 A ordinary shares of £1 each
27,750
27,750
4,500 B ordinary shares of £1 each
4,500
4,500
32,250
32,250
10
Operating lease commitments
Lessee

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

2024
2023
£
£
47,439
69,238
11
Parent company

The company is a wholly owned subsidiary of Next Phase Recruitment Holdings Limited, a company incorporated in England and Wales.

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