REGISTERED NUMBER: 06850231 (England and Wales)

Financial Statements for the Year Ended 31st July 2024

for

CY Executive Resourcing Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I V Aglamaz

K A Rimell

A N B Vaughan

REGISTERED OFFICE:

Slip House

Princes Drive

Waterside

Worcester

Worcestershire

WR1 2AB

REGISTERED NUMBER:

06850231 (England and Wales)

AUDITORS:

Richards Sandy Audit Services Limited

(Statutory Auditor)

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

FIXED ASSETS

Intangible assets

4

2,734

6,023

Tangible assets

5

1,968

6,390

Investments

6

100

100

4,802

12,513

CURRENT ASSETS

Debtors

1,643,727

2,255,375

Cash at bank

23,936

26,586

1,667,663

2,281,961

CREDITORS

Amounts falling due within one year

383,429

895,725

NET CURRENT ASSETS

1,284,234

1,386,236

TOTAL ASSETS LESS CURRENT LIABILITIES

1,289,036

1,398,749

CREDITORS

Amounts falling due after more than one year

(52,022

)

(93,750

)

PROVISIONS FOR LIABILITIES

(1,175

)

(2,607

)

NET ASSETS

1,235,839

1,302,392

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,234,839

1,301,392

SHAREHOLDERS' FUNDS

1,235,839

1,302,392

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th March 2025 and were signed on its behalf by:

I V Aglamaz - Director

K A Rimell - Director

A N B Vaughan - Director

1.	STATUTORY INFORMATION

CY Executive Resourcing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about CY Executive Resourcing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account discounts and rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of seven years.

During 2015 a decision was made to write down the carrying value of goodwill to £1. Due to a change in government guidance on the NHS use of consultants, the directors believed that this would have an effect on the value of goodwill of the company.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Computer software

33% straight line

Computer equipment

33% straight line

Office equipment

25% & 33% 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 the profit or loss.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

FINANCIAL INSTRUMENTS

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where 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.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction.

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.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st August 2023

and 31st July 2024

379,873

AMORTISATION

At 1st August 2023

373,850

Amortisation for year

3,289

At 31st July 2024

377,139

NET BOOK VALUE

At 31st July 2024

2,734

At 31st July 2023

6,023

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st August 2023

63,494

Additions

1,075

Disposals

(2,536

)

At 31st July 2024

62,033

DEPRECIATION

At 1st August 2023

57,104

Charge for year

5,380

Eliminated on disposal

(2,419

)

At 31st July 2024

60,065

NET BOOK VALUE

At 31st July 2024

1,968

At 31st July 2023

6,390

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st August 2023

and 31st July 2024

100

NET BOOK VALUE

At 31st July 2024

100

At 31st July 2023

100

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

21,855

82,795

Between one and five years

-

21,855

21,855

104,650

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

138,169

469,540

Bank loans are secured by way of a fixed and floating charge over all of the company's assets.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Robert Iestyn Richards FCCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Limited

10.	ULTIMATE PARENT COMPANY

The registered office address of the parent company Vantis Group Limited is Slip House, Princes Drive, Waterside, Worcester, Worcestershire, WR1 2AB.

11.	ULTIMATE CONTROLLING PARTY

Mr I V Aglamaz, Mr A N B Vaughan and Mr K A Rimell-Lejeune are considered to be the ultimate controlling parties of the company, by virtue of their equal shareholding in the parent company.