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COMPANY REGISTRATION NUMBER: 07161321
TDM Recruitment Ltd
Filleted Unaudited Financial Statements
31 March 2024
TDM Recruitment Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
TDM Recruitment Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
53,464
36,157
Current assets
Debtors
7
1,308,894
818,463
Cash at bank and in hand
153,862
438,785
------------
------------
1,462,756
1,257,248
Creditors: amounts falling due within one year
8
424,025
404,309
------------
------------
Net current assets
1,038,731
852,939
------------
---------
Total assets less current liabilities
1,092,195
889,096
Creditors: amounts falling due after more than one year
9
288,628
22,500
Provisions
13,358
10,424
------------
---------
Net assets
790,209
856,172
------------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
790,199
856,162
---------
---------
Shareholder funds
790,209
856,172
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TDM Recruitment Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
Mr T D Morris
Director
Company registration number: 07161321
TDM Recruitment Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from services rendered is recognised when the significant risks and rewards have transferred to the buyer, usually when work has been completed in full with signed contracts, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
20% straight line
Website Development
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
20,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Short leasehold property
Website Development
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
27,400
41,063
68,463
Additions
10,085
19,703
29,788
--------
--------
--------
--------
At 31 March 2024
10,085
27,400
60,766
98,251
--------
--------
--------
--------
Depreciation
At 1 April 2023
9,847
22,459
32,306
Charge for the year
1,663
4,388
6,430
12,481
--------
--------
--------
--------
At 31 March 2024
1,663
14,235
28,889
44,787
--------
--------
--------
--------
Carrying amount
At 31 March 2024
8,422
13,165
31,877
53,464
--------
--------
--------
--------
At 31 March 2023
17,553
18,604
36,157
--------
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
242,989
279,079
Other debtors
1,065,905
539,384
------------
---------
1,308,894
818,463
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
73,992
10,000
Trade creditors
45,884
13,725
Corporation tax
135,399
140,083
Social security and other taxes
85,809
100,863
Other creditors
82,941
139,638
---------
---------
424,025
404,309
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
288,628
22,500
---------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr T D Morris
245,838
926,333
( 250,000)
922,171
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr T D Morris
126,177
344,661
( 225,000)
245,838
---------
---------
---------
---------
Advances made during the year were interest free and repayable on demand.