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REGISTERED NUMBER: 03494294 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

MCKINLAY RECRUITMENT SERVICES LIMITED

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCKINLAY RECRUITMENT SERVICES LIMITED

Company Information
for the year ended 31 March 2024







Directors: Mr J J McKinlay
Ms S M Ford
Mr R A McKinlay





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 03494294 (England and Wales)





Accountants: Duncan & Toplis Limited
3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 1 1
Tangible assets 5 415 273
Investments 6 - 287,704
416 287,978

Current assets
Debtors 7 304,218 53,684
Cash at bank 197,727 155,108
501,945 208,792
Creditors
Amounts falling due within one year 8 64,709 89,467
Net current assets 437,236 119,325
Total assets less current liabilities 437,652 407,303

Provisions for liabilities 104 52
Net assets 437,548 407,251

Capital and reserves
Called up share capital 9 1,000 1,000
Fair value reserve - (14,400 )
Retained earnings 436,548 420,651
Shareholders' funds 437,548 407,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





Mr J J McKinlay - Director


MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

Mckinlay Recruitment Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Computer equipment - 33% on cost

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax
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.

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 profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated in the balance sheet at fair value. Such investments are classified as current or fixed assets depending on their availability for sale.

3. Employees and directors

The average number of employees during the year was 12 (2023 - 10 ) .

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
and 31 March 2024 1
Net book value
At 31 March 2024 1
At 31 March 2023 1

5. Tangible fixed assets
Computer
equipment
£
Cost
At 1 April 2023 8,035
Additions 454
At 31 March 2024 8,489
Depreciation
At 1 April 2023 7,762
Charge for year 312
At 31 March 2024 8,074
Net book value
At 31 March 2024 415
At 31 March 2023 273

6. Fixed asset investments

Investments (neither listed nor unlisted) were as follows:
2024 2023
£ £
Investment portfolio - 287,704

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 9,120 52,355
Amounts owed by group undertakings 292,954 -
Other debtors 2,144 1,329
304,218 53,684

MCKINLAY RECRUITMENT SERVICES LIMITED (REGISTERED NUMBER: 03494294)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 3,100 4,133
Taxation and social security 55,727 80,638
Other creditors 5,882 4,696
64,709 89,467

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000