REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Discovery Recruitment Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Discovery Recruitment Limited |
Discovery Recruitment Limited (Registered number: 03550887) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Chartered Certified Accountants' Report | 5 | ||
Balance Sheet | 6 |
Notes to the Financial Statements | 8 |
Discovery Recruitment Limited |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 President Buildings |
Savile Street East |
Sheffield |
South Yorkshire |
S4 7UQ |
Discovery Recruitment Limited (Registered number: 03550887) |
Strategic Report |
for the year ended 30 June 2024 |
Business Review |
Discovery continues to provide a full-service recruitment, development, and performance improvement offering across its key markets. The business demonstrated resilience over the year, maintaining a healthy gross margin of 48.2%, an improvement on the previous year (46.2%). This improvement reflects effective operational management, consistent delivery standards, and a focus on delivering value-added solutions to clients. |
Despite ongoing uncertainty in the broader economic climate, the company's core services remained in demand, particularly in sectors where talent acquisition and performance transformation are business-critical. Operational cost efficiencies were achieved across several key categories, and the directors remain satisfied with the financial and strategic position of the business as at the year-end. |
Principal Risks and Uncertainties |
The business operates in a competitive and evolving landscape, where economic pressures, market shifts, and changes in client priorities can impact performance. The directors regularly review the company's risk exposure, with specific focus on the following areas: |
- Market volatility within the recruitment and professional services sectors |
- Cash flow and debtor risk, particularly in relation to client payment cycles |
- Staffing and resource retention, ensuring we attract and retain talent aligned to our values and growth aspirations |
- Innovation pressure, to maintain competitive advantage in a technology-led market |
Mitigating actions include robust financial controls, ongoing investment in people, and diversification of service offerings to enhance resilience across different economic cycles. |
Future Outlook |
The future outlook for Discovery is positive. Our pipeline of opportunities remains strong, supported by deep, long-standing client relationships and a growing reputation for quality and innovation. Notably, we are seeing increased demand for our transformation services in the United States, where organisations are actively seeking sustainable, data-driven solutions to talent and performance challenges. This represents a significant growth area for the business. |
We continue to invest in the proprietary behavioural models and methodology that underpin our transformation offering. These tools, developed in-house and enhanced through ongoing research and client feedback, provide robust insight into mindset, motivational drivers, and behavioural potential-enabling organisations to make informed decisions around recruitment, development, and change. |
Alongside this, our investment in artificial intelligence remains a strategic priority. We are actively integrating AI into our profiling tools and delivery model to enhance the speed, depth, and impact of our insights. This commitment ensures our solutions remain not only evidence-based but also scalable and adaptive to client needs. |
Discovery Recruitment Limited (Registered number: 03550887) |
Strategic Report |
for the year ended 30 June 2024 |
Our long-term vision is to lead the way in performance transformation by combining behavioural science, AI technology, and consulting expertise. The foundations built over the past year provide confidence that the business is well-placed to continue delivering strong, sustainable performance. |
ON BEHALF OF THE BOARD: |
17 March 2025 |
Discovery Recruitment Limited (Registered number: 03550887) |
Report of the Directors |
for the year ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a full service recruitment, development and performance improvement company. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Discovery Recruitment Limited |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Discovery Recruitment Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Discovery Recruitment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Discovery Recruitment Limited and state those matters that we have agreed to state to the Board of Directors of Discovery Recruitment Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at |
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Discovery Recruitment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Discovery Recruitment Limited. You consider that Discovery Recruitment Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Discovery Recruitment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
2 President Buildings |
Savile Street East |
Sheffield |
South Yorkshire |
S4 7UQ |
Discovery Recruitment Limited (Registered number: 03550887) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
Discovery Recruitment Limited (Registered number: 03550887) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Discovery Recruitment Limited (Registered number: 03550887) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Discovery Recruitment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Discovery Recruitment Limited (Registered number: 03550887) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Discovery Recruitment Limited (Registered number: 03550887) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |