Company registration number 04477127 (England and Wales)
HC GROUP SEARCH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HC GROUP SEARCH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HC GROUP SEARCH LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,785
19,867
Current assets
Debtors
5
12,369,697
11,052,707
Cash at bank and in hand
1,427,996
692,734
13,797,693
11,745,441
Creditors: amounts falling due within one year
6
(12,220,218)
(9,122,875)
Net current assets
1,577,475
2,622,566
Total assets less current liabilities
1,598,260
2,642,433
Creditors: amounts falling due after more than one year
7
(26,042)
(88,542)
Net assets
1,572,218
2,553,891
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,572,118
2,553,791
Total equity
1,572,218
2,553,891
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 10 March 2025 and are signed on its behalf by:
Mr D C A Stewart
Director
Company registration number 04477127 (England and Wales)
HC GROUP SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
HC Group Search Ltd is a private company limited by shares incorporated in England and Wales. Company registration number 04477127. The registered office is N2 Bressenden Place, LONDON, SW1E 5BY.
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
Turnover
Turnover comprises fees and expenses receivable for placements. Fees are shown net of VAT and include income from contingent placements. Fees are accrued and recognised when an offer is accepted by the relevant candidate and invoiced on the date the candidate starts employment. It also includes the proportion of income of overseas placements where a significant proportion of the service is provided from the UK.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand 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’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
HC GROUP SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 and loans from fellow group companies are recognised at transaction price.
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. Trade creditors are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Management charges are shown net of VAT where it is applicable and reflect overheads rechargeable to fellow group companies.
HC GROUP SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
39
28
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
177,924
Additions
14,177
At 31 December 2023
192,101
Depreciation and impairment
At 1 January 2023
158,057
Depreciation charged in the year
13,259
At 31 December 2023
171,316
Carrying amount
At 31 December 2023
20,785
At 31 December 2022
19,867
HC GROUP SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,419,646
994,583
Amounts owed by group undertakings
9,910,083
9,007,403
Other debtors
1,039,968
1,050,721
12,369,697
11,052,707
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,500
62,500
Trade creditors
160,151
194,867
Amounts owed to group undertakings
10,984,734
7,747,047
Taxation and social security
255,098
248,031
Other creditors
757,735
870,430
12,220,218
9,122,875
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,042
88,542
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Financial commitments, guarantees and contingent liabilities
A debenture is in place with the company's bankers over all monies due, or to become due, from the company to the chargee on any account whatsoever. With fixed and floating charges over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
A rent deposit deed is in place over all monies due, or to become due, from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge.
HC GROUP SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Operating lease commitments
Lessee
Non-cancellable operating leases relate to the property from which the company trades. £52,651 (2022 - £47,945) is included in other debtors to reflect the deposit held by the property landlord.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
209,585
533,090
11
Events after the reporting date
On 24 June 2024, subsequent to the balance sheet date, the company entered into a lease agreement for office premises located at Part 3rd Floor, N2 Bressenden Place, Victoria SW1. The lease term is 3 years, commencing from 24 June 2024. The total minimum lease payments over the lease term are expected to be £708,886.
12
Related party transactions
The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.
Included within amounts owed to group companies is £5,352 (2022 - £6,737) due to Human Capital Search do Brasil Servicos de Recrutamento Ltda, a fellow subsidiary within the HC Global Group Limited group of companies. The balance is interest free with no formal repayment terms.
13
Parent company
The immediate parent company is HC Group Search Holdings Ltd. The registered office is N2 Bressenden Place, 3rd Floor, London, England, SW1E 5BY
The ultimate parent company is HC Group Global Holdings Ltd. The registered office is N2 Bressenden Place, 3rd Floor, London, England, SW1E 5BY.
The financial statements of the ultimate parent company of the group, HC Group Global Holdings Ltd, are publicly available. Copies of the group financial statements can be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.