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Registration number: 04421328

Westmeria Recruitment Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Westmeria Recruitment Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Westmeria Recruitment Limited

Company Information

Directors

Mrs Denise O'Shea

Mr Tom O'Shea

Registered office

Enterprise House
8 Essex Road
Dartford
Kent
DA1 2AU

Accountants

BBK Accountants BMM Limited
Chartered Certified Accountants
4A Roman Road
London
E6 3RX

 

Westmeria Recruitment Limited

(Registration number: 04421328)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

31,259

39,073

Current assets

 

Debtors

6

2,077,122

2,365,319

Investments

7

93,495

93,495

Cash at bank and in hand

 

56,818

42,909

 

2,227,435

2,501,723

Creditors: Amounts falling due within one year

8

(1,125,346)

(1,266,781)

Net current assets

 

1,102,089

1,234,942

Total assets less current liabilities

 

1,133,348

1,274,015

Creditors: Amounts falling due after more than one year

8

(11,249)

(16,874)

Provisions for liabilities

(6,856)

(7,404)

Net assets

 

1,115,243

1,249,737

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

50,000

50,000

Retained earnings

1,065,241

1,199,735

Shareholders' funds

 

1,115,243

1,249,737

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Westmeria Recruitment Limited

(Registration number: 04421328)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
Mr Tom O'Shea
Director

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Enterprise House
8 Essex Road
Dartford
Kent
DA1 2AU
England

These financial statements were authorised for issue by the Board on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 3 years

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 23).

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

40,000

40,000

At 31 January 2024

40,000

40,000

Amortisation

At 1 February 2023

40,000

40,000

At 31 January 2024

40,000

40,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

131,644

30,995

162,639

At 31 January 2024

131,644

30,995

162,639

Depreciation

At 1 February 2023

112,408

11,158

123,566

Charge for the year

3,847

3,967

7,814

At 31 January 2024

116,255

15,125

131,380

Carrying amount

At 31 January 2024

15,389

15,870

31,259

At 31 January 2023

19,236

19,837

39,073

6

Debtors

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Current

2024
£

2023
£

Trade debtors

1,297,075

1,513,095

Prepayments

-

1,461

Other debtors

780,047

850,763

 

2,077,122

2,365,319

7

Current asset investments

2024
£

2023
£

Other investments

93,495

93,495

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

216,400

-

Trade creditors

 

40,019

484,326

Taxation and social security

 

207,044

34,532

Accruals and deferred income

 

310,747

1,850

Other creditors

 

351,136

746,073

 

1,125,346

1,266,781

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,249

16,874

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

11,249

16,874

Current loans and borrowings

2024
£

2023
£

Bank borrowings

210,775

-

Hire purchase contracts

5,625

-

216,400

-

10

Related party transactions

As at the balance sheet date, the Director Tom O'Shea had an outstanding loan of £670845.

 

Westmeria Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Interest free loan

590,845

80,000

670,845

 

2023

At 1 February 2022
£

At 31 January 2023
£

Interest free loan

590,845

590,845

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

36,040