Company registration number 05915124 (England and Wales)
PROPERTY MANAGEMENT RECRUITMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PROPERTY MANAGEMENT RECRUITMENT LIMITED
COMPANY INFORMATION
DIRECTORS
Mr D E Rossi
Mr M Allen
COMPANY NUMBER
05915124
REGISTERED OFFICE
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
PROPERTY MANAGEMENT RECRUITMENT LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
PROPERTY MANAGEMENT RECRUITMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

REVIEW OF THE BUSINESS

PMR has shown continued growth over these 12 months, however, cost pressure on the business have also increased. Steps have been taken to reduce these and allied with strong margins and continually growing sales, the directors expect a strong performance in 2024/25.

PRINCIPAL RISKS AND UNCERTAINTIES

The new government's pans for increases in Employers National Insurance Contributions will have a direct effect on this company, not just in raising our internal staff overheads, but will disproportionately affect our temporary staff costs too.

 

PMR have long had a philosophy of employing high quality temporary staff, paid some way ahead of the National Living Wage and in encouraging as many of our clients as possible to meet the London Living Wage. Increases in both these, coupled with the National Insurance rises will require us to ensure that our clients are suitably aware of these large cost pressures and that we strive hard to maintain our margins.

KEY PERFORMANCE INDICATORS

PMR have exceptionally talented staff who contribute to our profitability at levels far in excess of industry averages. During the last 12 months we have been aggressively hiring and developing talent, which has absorbed more resources than we planned, however, we have now largely developed this team and have every expectation that it will deliver profitability in the next 12 months.

On behalf of the board

Mr D E Rossi
DIRECTOR
2 May 2025
PROPERTY MANAGEMENT RECRUITMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of recruitment within the property management sector.

RESULTS AND DIVIDENDS

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D E Rossi
Mr M Allen
FUTURE DEVELOPMENTS

The investment in training and development mentioned in the strategic report will allow us to both increase our presence in our core markets in the residential management sector, and further expand into related sectors. The sustained need for housing in the UK, increasingly delivered as flats, shows no sign of abating at any point and this points to a long term secure future for this company's key market.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D E Rossi
DIRECTOR
2 May 2025
PROPERTY MANAGEMENT RECRUITMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROPERTY MANAGEMENT RECRUITMENT LIMITED
- 4 -
QUALFIIED OPINION

We have audited the financial statements of Property Management Recruitment Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

BASIS FOR QUALIFIED OPINION

The previous financial statements for the year ended 31 August 2023 were not audited as exemption was taken under section 477 of the Companies Act 2006. We were unable to satisfy ourselves by alternative means concerning a number of opening balances disclosed in the statement of income and retained earnings and the balance sheet as comparative figures. Whilst we were satisfied with the material accuracy of amounts recorded in the balance sheet as at 31 August 2023, the impact of opening balances on the current period financial performance prevents us from forming an opinion on the financial statements taken as a whole.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

UNCERTAINTY RELATING TO GOING CONCERN

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in the notes to the financial statements concerning the company's ability to continue as a going concern.

 

The company has reported a loss of £306,650 during the year ended year ended 31 August 2024, and it had net liabilities of £167,514 at the balance sheet date. These conditions, along with other matters disclosed in the financial statements, indicate the existence of some uncertainty which may cast doubt about the company's ability to continue as a going concern.

 

The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROPERTY MANAGEMENT RECRUITMENT LIMITED (CONTINUED)
- 5 -
OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS AS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of our audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROPERTY MANAGEMENT RECRUITMENT LIMITED (CONTINUED)
- 6 -
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

 

Specific areas considered were as follows:

• Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.

• Evaluating and understanding the internal control system.

• Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.

• Testing documentation supporting account balances or classes of transactions.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.

 

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

JAMES CRUSE FCA, FCCA, BSC (ECON) HONS
SENIOR STATUTORY AUDITOR
FOR AND ON BEHALF OF
JW HINKS LLP
JW Hinks LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
2 May 2025
PROPERTY MANAGEMENT RECRUITMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2024
2023
Notes
£
£
TURNOVER
3
11,939,789
11,067,911
Cost of sales
(8,016,696)
(7,471,445)
GROSS PROFIT
3,923,093
3,596,466
Administrative expenses
(4,235,302)
(3,599,786)
Other operating income
-
0
29,947
OPERATING (LOSS)/PROFIT
4
(312,209)
26,627
Interest payable and similar expenses
7
(26,942)
(14,548)
(LOSS)/PROFIT BEFORE TAXATION
(339,151)
12,079
Tax on (loss)/profit
8
32,501
(18,718)
LOSS FOR THE FINANCIAL YEAR
(306,650)
(6,639)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
9
82,746
99,898
CURRENT ASSETS
Debtors
10
2,690,606
3,017,035
Cash at bank and in hand
25,762
193,969
2,716,368
3,211,004
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11
(2,953,294)
(3,123,456)
NET CURRENT (LIABILITIES)/ASSETS
(236,926)
87,548
TOTAL ASSETS LESS CURRENT LIABILITIES
(154,180)
187,446
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
12
(13,334)
(23,334)
PROVISIONS FOR LIABILITIES
Deferred tax liability
14
-
0
24,976
-
(24,976)
NET (LIABILITIES)/ASSETS
(167,514)
139,136
CAPITAL AND RESERVES
Called up share capital
16
1
1
Profit and loss reserves
(167,515)
139,135
TOTAL EQUITY
(167,514)
139,136

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr D E Rossi
DIRECTOR
Company registration number 05915124 (England and Wales)
PROPERTY MANAGEMENT RECRUITMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
BALANCE AT 1 SEPTEMBER 2022
1
145,774
145,775
YEAR ENDED 31 AUGUST 2023:
Loss and total comprehensive income
-
(6,639)
(6,639)
BALANCE AT 31 AUGUST 2023
1
139,135
139,136
YEAR ENDED 31 AUGUST 2024:
Loss and total comprehensive income
-
(306,650)
(306,650)
BALANCE AT 31 AUGUST 2024
1
(167,515)
(167,514)
PROPERTY MANAGEMENT RECRUITMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
21
113,540
170,721
Interest paid
(26,942)
(14,548)
Income taxes paid
(7,525)
(106,201)
NET CASH INFLOW FROM OPERATING ACTIVITIES
79,073
49,972
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(33,827)
(60,358)
Proceeds from disposal of tangible fixed assets
-
0
480
Repayment / advance of directors loans
68,906
(86,518)
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES
35,079
(146,396)
FINANCING ACTIVITIES
Repayment of borrowings
(272,359)
294,038
Repayment of bank loans
(10,000)
(10,000)
NET CASH (USED IN)/GENERATED FROM FINANCING ACTIVITIES
(282,359)
284,038
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(168,207)
187,614
Cash and cash equivalents at beginning of year
193,969
6,355
CASH AND CASH EQUIVALENTS AT END OF YEAR
25,762
193,969
PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

Property Management Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.

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.

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
GOING CONCERN

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured 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 bases:

Leasehold improvements
2% straight line basis
Plant and equipment
20% straight line basis
Fixtures and fittings
20% reducing balance basis
Computers
33% straight line basis

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.

1.5
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
ACCOUNTING POLICIES
(Continued)
- 12 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
ACCOUNTING POLICIES
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
ACCOUNTING POLICIES
(Continued)
- 14 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
EMPLOYEE BENEFITS

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
LEASES

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
3
TURNOVER
2024
2023
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Permanent fees
1,628,072
1,603,253
Factored contract staff
10,311,717
9,464,658
11,939,789
11,067,911
2024
2023
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
11,939,789
11,067,911
4
OPERATING (LOSS)/PROFIT
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,250
-
0
Depreciation of owned tangible fixed assets
50,979
32,617
Profit on disposal of tangible fixed assets
-
(96)
Operating lease charges
134,848
105,289
5
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
45
41

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,898,799
9,329,265
Social security costs
843,720
557,008
Pension costs
157,282
114,742
10,899,801
10,001,015

Historically, temporary staff were not included within the average employee number. However, as these staff are employed and paid via Property Management Recruitment Limited, they have been included within the current year and an amendment included on the comparative figure.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
6
DIRECTORS' REMUNERATION
2024
2023
£
£
Remuneration for qualifying services
455,018
404,864
Company pension contributions to defined contribution schemes
20,863
20,821
475,881
425,685
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
438,090
380,530
Company pension contributions to defined contribution schemes
20,863
20,821
7
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
INTEREST ON FINANCIAL LIABILITIES MEASURED AT AMORTISED COST:
Interest on bank overdrafts and loans
726
968
Other interest on financial liabilities
26,216
13,580
26,942
14,548
8
TAXATION
2024
2023
£
£
CURRENT TAX
UK corporation tax on profits for the current period
(7,525)
7,525
DEFERRED TAX
Origination and reversal of timing differences
(24,976)
11,193
Total tax (credit)/charge
(32,501)
18,718
PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
TAXATION
(Continued)
- 17 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(339,151)
12,079
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(84,788)
2,295
Tax effect of expenses that are not deductible in determining taxable profit
29,504
9,213
Adjustments in respect of prior years
(7,525)
-
0
Permanent capital allowances in excess of depreciation
4,288
(3,983)
Deferred tax adjustments in respect of prior years
(24,976)
11,193
Losses carried forward
50,996
-
0
Taxation (credit)/charge for the year
(32,501)
18,718
9
TANGIBLE FIXED ASSETS
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
COST
At 1 September 2023
39,260
646
61,246
129,084
230,236
Additions
-
0
-
0
535
33,292
33,827
At 31 August 2024
39,260
646
61,781
162,376
264,063
DEPRECIATION AND IMPAIRMENT
At 1 September 2023
1,396
269
31,227
97,446
130,338
Depreciation charged in the year
785
377
17,479
32,338
50,979
At 31 August 2024
2,181
646
48,706
129,784
181,317
CARRYING AMOUNT
At 31 August 2024
37,079
-
0
13,075
32,592
82,746
At 31 August 2023
37,864
377
30,019
31,638
99,898
PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
10
DEBTORS
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
1,892,016
2,297,313
Corporation tax recoverable
7,525
-
0
Amounts owed by group undertakings
388,396
363,859
Other debtors
199,442
191,950
Prepayments and accrued income
203,227
163,913
2,690,606
3,017,035
11
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Notes
£
£
Bank loans
13
10,000
10,000
Other borrowings
13
1,192,104
1,464,463
Trade creditors
24,070
79,147
Corporation tax
-
0
7,525
Other taxation and social security
1,548,264
1,389,797
Other creditors
156,206
168,194
Accruals and deferred income
22,650
4,330
2,953,294
3,123,456

A charge has been registered dated 15 November 2021 for Cynergy Bank Limited which contains fixed charge(s), floating charge(s) and a negative pledge.

12
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
Notes
£
£
Bank loans and overdrafts
13
13,334
23,334

 

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
13
LOANS AND OVERDRAFTS
2024
2023
£
£
Bank loans
23,334
33,334
Other loans
1,192,104
1,464,463
1,215,438
1,497,797
Payable within one year
1,202,104
1,474,463
Payable after one year
13,334
23,334
14
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
BALANCES:
£
£
Accelerated capital allowances
-
24,976
2024
MOVEMENTS IN THE YEAR:
£
Liability at 1 September 2023
24,976
Credit to profit or loss
(24,976)
Liability at 31 August 2024
-

 

15
RETIREMENT BENEFIT SCHEMES
2024
2023
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
157,282
114,742

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
16
SHARE CAPITAL
2024
2023
2024
2023
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary shares of £1 each
1
1
1
1
17
OPERATING LEASE COMMITMENTS
LESSEE

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
111,825
111,825
Between two and five years
83,869
195,694
195,694
307,519
18
RELATED PARTY TRANSACTIONS
TRANSACTIONS WITH RELATED PARTIES

During the year ended 31 August 2024 the company purchased services of £21,000 (2023: £Nil) from Taming Twins Limited, a company controlled and owned by the wife of the director, Mr D E Rossi. As at 31 August 2024 an amount of £Nil (2023: Nil) remained due to Taming Twins Limited from the company.

OTHER INFORMATION

The company has taken advantage of Section 33 of FRS102 related party disclosures, not to disclose related party transactions with it's parent company or between entities of the same group.

19
DIRECTORS' TRANSACTIONS
DESCRIPTION
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D E Rossi
-
106,573
121,764
(190,669)
37,668
106,573
121,764
(190,669)
37,668
20
ULTIMATE CONTROLLING PARTY

The company is 100% owned by PMR Group Limited, a company registered in England.

The ultimate controlling party is deemed to be Mr D E Rossi.

PROPERTY MANAGEMENT RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
21
CASH GENERATED FROM OPERATIONS
2024
2023
£
£
Loss after taxation
(306,650)
(6,639)
ADJUSTMENTS FOR:
Taxation (credited)/charged
(32,501)
18,718
Finance costs
26,942
14,548
Gain on disposal of tangible fixed assets
-
(96)
Depreciation and impairment of tangible fixed assets
50,979
32,617
MOVEMENTS IN WORKING CAPITAL:
Decrease in debtors
265,048
131,448
Increase/(decrease) in creditors
109,722
(19,875)
CASH GENERATED FROM OPERATIONS
113,540
170,721
22
ANALYSIS OF CHANGES IN NET DEBT
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
193,969
(168,207)
25,762
Borrowings excluding overdrafts
(1,497,797)
282,359
(1,215,438)
(1,303,828)
114,152
(1,189,676)
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