Registration number:
Deacon Search Limited
for the Year Ended 30 June 2024
Deacon Search Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Deacon Search Limited
Company Information
Directors |
P S Deacon D Wilkins |
Company secretary |
D Wilkins |
Registered office |
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Auditors |
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Deacon Search Limited
(Registration number: 04395941)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,481,378 |
475,548 |
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Shareholders' funds |
1,481,478 |
475,648 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the Company and available finance.
The cash flow forecasts together with cash balances show the Company has adequate cash reserves to meet their liabilities for at least 12 months from the date of approval of these financial statements.
After reviewing the company’s forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue for the foreseeable future and the financial statements have been prepared on a going concern basis.
Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
2 Accounting policies (cont'd)
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of recruitment services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
2 Accounting policies (cont'd)
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% straight line |
Office equipment |
33% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments and accrued income |
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Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
601,401 |
1,500,000 |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
2024 |
Entities with joint control or significant influence |
Receipt of services |
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2023 |
Entities with joint control or significant influence |
Receipt of services |
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Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
10 Related party transactions (cont'd)
Expenditure with and payables to related parties
2024 |
Parent |
Entities with joint control or significant influence |
Rendering of services |
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2023 |
Parent |
Entities with joint control or significant influence |
Rendering of services |
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Loans to related parties
2024 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
( |
At end of period |
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2023 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Repaid |
( |
- |
( |
At end of period |
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Deacon Search Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
10 Related party transactions (cont'd)
Loans from related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
As at 30 June 2024 80.4% (2023: 77.2%) of the parent company's issued share capital were held by an employee ownership trust as the Cornhill Bond Employee Ownership Trust ("the Trust") with options to obtain the remaining issued share capital over the next 9 years. The company is controlled by Trident Trust Company (U.K.) Limited, acting as trustee for the Trust.