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COMPANY REGISTRATION NUMBER: NI041548
Vanrath Recruitment Limited
Financial Statements
31 March 2024
Vanrath Recruitment Limited
Financial Statements
Period from 1 May 2023 to 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
3
Independent auditor's report to the members
5
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
Vanrath Recruitment Limited
Officers and Professional Advisers
Director
Mr N McKibbin
Company secretary
Ms Bronagh McGuckin
Registered office
8th floor
Victoria House
15 - 27 Gloucester Street
Belfast
BT1 4LS
Auditor
D C Corr and Company
Chartered accountants & statutory auditor
29B Main Street
Randalstown
County Antrim
BT41 3AB
Bankers
Ulster Bank Ltd
11 - 16 Donegall Square East
Belfast
BT1 5UB
Vanrath Recruitment Limited
Strategic Report
Period from 1 May 2023 to 31 March 2024
The directors present their Strategic Report on the company for the year end 31 March 2024. Principal activities and business review. The principal activity of the company during the year was professional recruitment. The company has continued to expand during the year and is satisfied with the level of performance. The results for the company show a pre-tax profit for the 11 months ended 31 March 2024 of £1,418,907 (2023: £2,458,416 12 months). Particulars of recommended dividends are detailed in note 11 to the financial statements. Key performance indicators (KPls) The company's key performance indicators are as follows: 2024 (11 months) 2023 (12 months) Turnover £17.9m £19.3m Gross profit margin 14.0% 18.1% Pre-tax profit £1.41m £2.46m Principal risks and uncertainties The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the current economic climate, competition from other recruitment agencies, client financial stability and employee retention. These risks are addressed through continuous monitoring of company performance targets, a good relationship with company clients, strong customer service as well as investment in its people and facilities.
This report was approved by the board of directors on 13 December 2024 and signed on behalf of the board by:
Mr N McKibbin
Director
Registered office:
8th floor
Victoria House
15 - 27 Gloucester Street
Belfast
BT1 4LS
Vanrath Recruitment Limited
Director's Report
Period from 1 May 2023 to 31 March 2024
The director presents his report and the financial statements of the company for the period ended 31 March 2024 .
Directors
The directors who served the company during the period were as follows:
Mr N McKibbin
Mr W Sullivan
(Resigned 19 March 2024)
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Employee involvement
Consultation with employees or their representatives has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 13 December 2024 and signed on behalf of the board by:
Mr N McKibbin
Director
Registered office:
8th floor
Victoria House
15 - 27 Gloucester Street
Belfast
BT1 4LS
Vanrath Recruitment Limited
Independent Auditor's Report to the Members of Vanrath Recruitment Limited
Period from 1 May 2023 to 31 March 2024
Opinion
I have audited the financial statements of Vanrath Recruitment Limited (the 'company') for the period ended 31 March 2024 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
In auditing the financial statements, I have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
My responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and my auditor’s report thereon. The director is responsible for the other information. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which i am required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the strategic report or the director's report. I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion: - adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - I have not received all the information and explanations I require for my audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas; management override of controls and fraud risk relating to revenue. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included; enquiries of management about their own identification and assessment of risks of irregularities, testing the deisgn and implementation of controls relating to risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to underlying source documentation. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. Use of my report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.
Dermot Corr FCA
D C Corr and Company
Chartered accountants & statutory auditor
29B Main Street
Randalstown
County Antrim
BT41 3AB
13 December 2024
Vanrath Recruitment Limited
Income Statement
Period from 1 May 2023 to 31 March 2024
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
Note
£
£
Turnover
4
17,909,632
19,379,936
Cost of sales
15,396,417
15,879,629
-------------
-------------
Gross profit
2,513,215
3,500,307
Administrative expenses
1,055,948
1,002,028
------------
------------
Operating profit
5
1,457,267
2,498,279
Interest payable and similar expenses
9
45,099
39,864
------------
------------
Profit before taxation
1,412,168
2,458,415
Tax on profit
10
375,634
498,536
------------
------------
Profit for the financial period
1,036,534
1,959,879
------------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
Vanrath Recruitment Limited
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
12
437,340
527,905
Current assets
Debtors
13
7,197,083
6,513,293
Cash at bank and in hand
108,023
1,220,512
------------
------------
7,305,106
7,733,805
Creditors: amounts falling due within one year
14
2,865,976
3,218,337
------------
------------
Net current assets
4,439,130
4,515,468
------------
------------
Total assets less current liabilities
4,876,470
5,043,373
Creditors: amounts falling due after more than one year
15
351,734
555,171
------------
------------
Net assets
4,524,736
4,488,202
------------
------------
Capital and reserves
Called up share capital
16
2
2
Revaluation reserve
17
187,722
187,722
Profit and loss account
17
4,337,012
4,300,478
------------
------------
Shareholders funds
4,524,736
4,488,202
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr N McKibbin
Director
Company registration number: NI041548
Vanrath Recruitment Limited
Statement of Changes in Equity
Period from 1 May 2023 to 31 March 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 May 2022
2
187,722
3,418,599
3,606,323
Profit for the period
1,959,879
1,959,879
----
---------
------------
------------
Total comprehensive income for the period
1,959,879
1,959,879
Dividends paid and payable
11
( 1,078,000)
( 1,078,000)
----
---------
------------
------------
Total investments by and distributions to owners
( 1,078,000)
( 1,078,000)
At 30 April 2023
2
187,722
4,300,478
4,488,202
Profit for the period
1,036,534
1,036,534
----
---------
------------
------------
Total comprehensive income for the period
1,036,534
1,036,534
Dividends paid and payable
11
( 1,000,000)
( 1,000,000)
----
----
------------
------------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
----
---------
------------
------------
At 31 March 2024
2
187,722
4,337,012
4,524,736
----
---------
------------
------------
Vanrath Recruitment Limited
Statement of Cash Flows
Period from 1 May 2023 to 31 March 2024
31 Mar 24
30 Apr 23
£
£
Cash flows from operating activities
Profit for the financial period
1,036,534
1,959,879
Adjustments for:
Depreciation of tangible assets
113,590
123,916
Interest payable and similar expenses
45,099
39,864
Tax on profit
375,634
498,536
Accrued expenses
252,044
19,622
Changes in:
Trade and other debtors
( 683,790)
457,245
Trade and other creditors
( 238,992)
663,047
------------
------------
Cash generated from operations
900,119
3,762,109
Interest paid
( 45,099)
( 39,864)
Tax paid
( 741,047)
( 406,400)
---------
------------
Net cash from operating activities
113,973
3,315,845
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 23,025)
( 24,576)
---------
------------
Net cash used in investing activities
( 23,025)
( 24,576)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 203,437)
( 1,186,852)
Dividends paid
( 1,000,000)
( 1,078,000)
------------
------------
Net cash used in financing activities
( 1,203,437)
( 2,264,852)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,112,489)
1,026,417
Cash and cash equivalents at beginning of period
1,220,512
194,095
------------
------------
Cash and cash equivalents at end of period
108,023
1,220,512
------------
------------
Vanrath Recruitment Limited
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8th floor, Victoria House, 15 - 27 Gloucester Street, Belfast, BT1 4LS.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings
-
4% straight line
Fixtures and fittings
-
33% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Turnover
Turnover arises from:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Rendering of services
17,909,632
19,379,936
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Depreciation of tangible assets
113,590
123,916
Foreign exchange differences
1,366
466
---------
---------
6. Auditor's remuneration
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Fees payable for the audit of the financial statements
3,000
2,800
-------
-------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
10,000
9,500
--------
-------
7. Staff costs
The average number of persons employed by the company during the period, including the director, amounted to:
31 Mar 24
30 Apr 23
No.
No.
Administrative staff
5
5
Management staff
5
5
Number of consultants
33
43
Number of temps
377
247
----
----
420
300
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Wages and salaries
2,987,468
3,645,825
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Remuneration
5,200
----
-------
9. Interest payable and similar expenses
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Interest on banks loans and overdrafts
45,099
39,864
--------
--------
10. Tax on profit
Major components of tax expense
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Current tax:
UK current tax expense
375,634
498,536
---------
---------
Tax on profit
375,634
498,536
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Profit on ordinary activities before taxation
1,412,168
2,458,415
------------
------------
Profit on ordinary activities by rate of tax
353,042
467,099
Effect of capital allowances and depreciation
22,592
18,875
Effect of different UK tax rates on some earnings
12,562
------------
------------
Tax on profit
375,634
498,536
------------
------------
11. Dividends
31 Mar 24
30 Apr 23
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
1,000,000
1,078,000
------------
------------
12. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
545,509
1,073,850
1,619,359
Additions
23,025
23,025
---------
------------
------------
At 31 March 2024
545,509
1,096,875
1,642,384
---------
------------
------------
Depreciation
At 1 May 2023
243,571
847,883
1,091,454
Charge for the period
18,060
95,530
113,590
---------
------------
------------
At 31 March 2024
261,631
943,413
1,205,044
---------
------------
------------
Carrying amount
At 31 March 2024
283,878
153,462
437,340
---------
------------
------------
At 30 April 2023
301,938
225,967
527,905
---------
------------
------------
13. Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
2,379,945
2,146,938
Prepayments and accrued income
1,134,406
687,449
Other debtors
3,682,732
3,678,906
------------
------------
7,197,083
6,513,293
------------
------------
14. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
206,273
206,273
Trade creditors
242,382
164,457
Accruals and deferred income
988,964
736,920
Corporation tax
133,123
498,536
Social security and other taxes
1,055,724
1,415,700
Other creditors
239,510
196,451
------------
------------
2,865,976
3,218,337
------------
------------
Bank loans and overdrafts are secured by a legal charge over company assets.
15. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
351,734
555,171
---------
---------
Bank loans and overdrafts are secured by a legal charge over company assets.
16. Called up share capital
Issued, called up and fully paid
31 Mar 24
30 Apr 23
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
17. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
18. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
1,220,512
(1,112,489)
108,023
Debt due within one year
(206,273)
(206,273)
Debt due after one year
(555,171)
203,437
(351,734)
------------
------------
---------
459,068
( 909,052)
( 449,984)
------------
------------
---------
Vanrath Recruitment Limited
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
19. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr N McKibbin
----
----
----
30 Apr 23
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr N McKibbin
( 481,000)
481,000
---------
---------
----
20. Related party transactions
At the year end, the company was under the sole control of Mr N McKibbin . Mr N McKibbin is in control of Vanrath Holdings Limited which owns 100% of the share capital in the company. Straidorn Investments Limited is under the joint control of Miss K McKibbin and Mr N McKibbin . The balance owing to the company by Straidorn Investments Limited at the year end was £3,678,906 (2023; £3,878,906).