Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C Ogden 01/10/2021 M Ogden 22/04/2013 14 October 2024 The principal activity of the Company during the financial year was that of a recruitment agency. 08498410 2024-03-31 08498410 bus:Director1 2024-03-31 08498410 bus:Director2 2024-03-31 08498410 2023-03-31 08498410 core:CurrentFinancialInstruments 2024-03-31 08498410 core:CurrentFinancialInstruments 2023-03-31 08498410 core:ShareCapital 2024-03-31 08498410 core:ShareCapital 2023-03-31 08498410 core:RetainedEarningsAccumulatedLosses 2024-03-31 08498410 core:RetainedEarningsAccumulatedLosses 2023-03-31 08498410 core:Goodwill 2023-03-31 08498410 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 08498410 core:Goodwill 2024-03-31 08498410 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 08498410 2022-03-31 08498410 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08498410 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08498410 bus:OrdinaryShareClass1 2024-03-31 08498410 2023-04-01 2024-03-31 08498410 bus:FilletedAccounts 2023-04-01 2024-03-31 08498410 bus:SmallEntities 2023-04-01 2024-03-31 08498410 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08498410 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08498410 bus:Director1 2023-04-01 2024-03-31 08498410 bus:Director2 2023-04-01 2024-03-31 08498410 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 08498410 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 08498410 core:Goodwill 2023-04-01 2024-03-31 08498410 2022-04-01 2023-03-31 08498410 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 08498410 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08498410 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08498410 (England and Wales)

MARYLEBONE RECRUITMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MARYLEBONE RECRUITMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MARYLEBONE RECRUITMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MARYLEBONE RECRUITMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,248 3,334
3,248 3,334
Current assets
Debtors 4 45,089 45,171
Cash at bank and in hand 39,868 86,016
84,957 131,187
Creditors: amounts falling due within one year 5 ( 82,674) ( 129,558)
Net current assets 2,283 1,629
Total assets less current liabilities 5,531 4,963
Provision for liabilities 6 ( 145) ( 41)
Net assets 5,386 4,922
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 5,286 4,822
Total shareholders' funds 5,386 4,922

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

Directors' responsibilities:

The financial statements of Marylebone Recruitment Limited (registered number: 08498410) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Ogden
Director

14 October 2024

MARYLEBONE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MARYLEBONE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marylebone Recruitment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 4 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditor, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 40 32

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 200,000 0 200,000
Additions 0 3,712 3,712
At 31 March 2024 200,000 3,712 203,712
Accumulated amortisation
At 01 April 2023 196,666 0 196,666
Charge for the financial year 3,334 464 3,798
At 31 March 2024 200,000 464 200,464
Net book value
At 31 March 2024 0 3,248 3,248
At 31 March 2023 3,334 0 3,334

4. Debtors

2024 2023
£ £
Trade debtors 38,615 36,789
Prepayments 6,056 5,229
Other debtors 418 3,153
45,089 45,171

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,161 177
Amounts owed to group undertakings 0 72,267
Accruals 18,999 19,201
Other taxation and social security 35,612 8,165
Other creditors 24,902 29,748
82,674 129,558

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 41) ( 50)
(Charged)/credited to the Profit and Loss Account ( 104) 9
At the end of financial year ( 145) ( 41)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 145) ( 41)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Other financial commitments

On 6 March 2019 the company, together with Shine Recruitment Limited (each "a Chargor"), entered into a debenture in favour of Barclays Bank Plc ("the Bank") to secure all present and future liabilities and obligations of each Chargor to the Bank, whether actual or contingent and whether owed jointly or severally or in any other capacity. The assets of the Chargor in respect of which they granted to the Bank a fixed and floating charge to secure their respective liabilities and obligations.

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,549 264

9. Related party transactions

Other related party transactions

2024 2023
£ £
Included in other creditors is a balance owed to companies under common control. This balance is unsecured and interest free, and repayable on demand with no fixed repayment terms. 17,153 29,265
Include in creditors is a balance owed the parent company. This balance is unsecured and interest free, and payable on demand with no fixed repayment terms. 0 72,267
Include in debtors is a balance owed by parent company. This balance is unsecured and interest free, and repayable on demand with no fixed repayment terms. 0 648
Include in debtors is a balance owed by a company under common control. This balance is unsecured and interest free, and repayable on demand with no fixed repayment terms. 418 0
Include in trade debtors is a balance owed by a company under common control. This balance is unsecured and interest free, and repayable on demand with no fixed repayment terms. 7,760 0
Include in trade creditors is a balance owed to companies under common control. This balance is unsecured and interest free, and repayable on demand with no fixed repayment terms. 275 175