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Registered number: 06214457









DIRECT PERSONNEL MIDLANDS LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
DIRECT PERSONNEL MIDLANDS LIMITED
REGISTERED NUMBER: 06214457

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,568
2,092

  
1,568
2,092

Current assets
  

Debtors: amounts falling due within one year
 5 
676,513
636,584

Cash at bank and in hand
  
8,573
51,118

  
685,086
687,702

Creditors: amounts falling due within one year
 6 
(479,524)
(441,128)

Net current assets
  
 
 
205,562
 
 
246,574

Total assets less current liabilities
  
207,130
248,666

Creditors: amounts falling due after more than one year
 7 
(234,138)
(255,857)

  

Net liabilities
  
(27,008)
(7,191)


Capital and reserves
  

Called up share capital 
 8 
12
12

Profit and loss account
  
(27,020)
(7,203)

  
(27,008)
(7,191)


Page 1

 
DIRECT PERSONNEL MIDLANDS LIMITED
REGISTERED NUMBER: 06214457
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




Richard Buchan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company is registered in England and Wales. The company's registered office is 415 Bearwood Road, Smethwick, B66 4DF. The principal activity of the company is that of recruitment consultants.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2023
4,875



At 30 April 2024

4,875



Depreciation


At 1 May 2023
2,783


Charge for the year on owned assets
524



At 30 April 2024

3,307



Net book value



At 30 April 2024
1,568



At 30 April 2023
2,092

Page 5

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Debtors

2024
2023
£
£


Trade debtors
219,633
201,877

Other debtors
435,639
397,734

Prepayments and accrued income
21,241
36,973

676,513
636,584



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
163,888
181,562

Bank loans
4,621
4,677

Other loans
67,950
30,209

Trade creditors
208,650
176,404

Corporation tax
8,441
13,112

Other taxation and social security
6,198
5,570

Other creditors
967
1,089

Accruals and deferred income
18,809
28,505

479,524
441,128


Page 6

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
23,029
27,520

Other loans
211,109
228,337

234,138
255,857


The following liabilities were secured:

2024
2023
£
£



Bank loans and overdrafts
191,538
213,759

Other loans
279,059
258,546

470,597
472,305

Details of security provided:

The above secured creditors are secured over all current and future assets of the company as well as a personal guarantee by the directors.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6 (2023 - 12) Ordinary shares of £1.00 each
6
12
3 (2023 - 0) A Ordinary shares of £1.00 each
3
-
3 (2023 - 0) B Ordinary shares of £1.00 each
3
-

12

12

On 9th February 2024 6 ordinary £1 shares were reclassified as 3 "A" ordinary £1 shares and 3 "B" ordinary £1 shares.


Page 7

 
DIRECT PERSONNEL MIDLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Total commitments
14,658
26,567

14,658
26,567


10.


Transactions with directors

During the year the company made advances to its directors totalling £49,261 (2023 £135,928) including an interest charge of £8,343 (2023 £6,471) and received repayments totalling £19,700 (2023 £75,623). At the balance sheet date the director's owed the company £379,612 (2023 £341,707).

 
Page 8