Company Registration No. 11507914 (England and Wales)
Broadgate Search Holdings Ltd
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Broadgate Search Holdings Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Broadgate Search Holdings Ltd
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
546,319
546,319
Current assets
-
-
Creditors: amounts falling due within one year
6
(135,605)
(135,605)
Net current liabilities
(135,605)
(135,605)
Net assets
410,714
410,714
Capital and reserves
Called up share capital
7
100
100
Share premium account
8
410,614
410,614
Total equity
410,714
410,714

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
Ashley Lawrence
Director
Company Registration No. 11507914
Broadgate Search Holdings Ltd
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Broadgate Search Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20 Westland Place, London, N1 7JR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements , the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts for a period of greater than twelve months from the date of the signed audit report, which show that they have sufficient funds to ensure that it will continue to trade for the foreseeable future. If required the directors will also take the necessary steps to ensure that the company remains in a strong trading position during the current global uncertainty. From the forecast produced the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
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 current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Broadgate Search Holdings Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Broadgate Search Holdings Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
4
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of assets

The directors have applied judgement in order to determine whether there are indicators of impairment in the company's assets, including investments, at the year end.

 

Determining whether non-current assets are impaired requires an estimation of the value in use of the business being tested for impairment and of the cash generating units to which these assets have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit, taking into account the achievability of long term business plans.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
546,319
546,319
Broadgate Search Holdings Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
5
Subsidiaries

At 31 December 2023, the company owned 100% of the Ordinary share capital of the following entities:

 

- Broadgate Search Limited, a company incorporated in the United Kingdom. The subsidiary's principal activity is that of a recruitment agency. It's registered office is 20 Westland Place, London, N1 7JR.

 

- Broadgate Search Limited, a company incorporated in the Republic of Ireland. The subsidiary's principal activity is that of a recruitment agency. It's registered office is Pembroke House, 28-32 Upper Pembroke Street, Dublin, D2, Republic of Ireland.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
135,605
135,605

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
90
90
90
90
Ordinary B of £1 each
10
10
10
10
100
100
100
100

The company has two classes of Ordinary shares, being Ordinary A and Ordinary B shares. The rights for each class of share are the same, they carry voting rights, carry the right to participate in any distributions and capital, and the shares are non-redeemable.

8
Share premium account

The reserve represents consideration received for shares issues above their nominal value net of transaction costs.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
Date of audit report:
5 March 2025
Broadgate Search Holdings Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
10
Related party transactions

The company has taken advantage of the exemption in Financing Reporting Standard 102 Section 1A from the requirement to disclose related party transactions with companies that are wholly owned within the group. Amounts outstanding at the year end are disclosed in the Creditors note.

11
Parent company

The ultimate parent company is Trinnovo Group Limited, by virtue of its 100% ownership of the company. Copies of the consolidated financial statements can be obtained from its registered office at 20 Westland Place, London, N1 7JR.

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