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Registration number: 10778751

Market 36 Recruitment Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Market 36 Recruitment Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Market 36 Recruitment Limited

Company Information

Directors

L Simpson

S Jacobs

Registered office

2 Rayne Road
Braintree
Essex
CM7 2QH

Accountants

DeVines Accountants Limited
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Market 36 Recruitment Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Market 36 Recruitment Limited for the year ended 31 May 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Market 36 Recruitment Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Market 36 Recruitment Limited and state those matters that we have agreed to state to the Board of Directors of Market 36 Recruitment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Market 36 Recruitment Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Market 36 Recruitment Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Market 36 Recruitment Limited. You consider that Market 36 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 accounts of Market 36 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 accounts.

......................................

DeVines Accountants Limited
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

29 May 2025

 

Market 36 Recruitment Limited

(Registration number: 10778751)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,939

849

Current assets

 

Debtors

5

359,358

261,771

Cash at bank and in hand

 

21,450

35,234

 

380,808

297,005

Creditors: Amounts falling due within one year

6

(370,873)

(276,842)

Net current assets

 

9,935

20,163

Total assets less current liabilities

 

11,874

21,012

Creditors: Amounts falling due after more than one year

6

(11,667)

(21,667)

Net assets/(liabilities)

 

207

(655)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

107

(755)

Shareholders' funds/(deficit)

 

207

(655)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
S Jacobs
Director

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Rayne Road
Braintree
Essex
CM7 2QH
United Kingdom

The company has transitioned from FRS105 to FRS102 from 1st June 2022.This did not result in any material accounting adjustments to the Financial Statements for the year ended 31st May 2023.

These financial statements were authorised for issue by the Board on 29 May 2025.

2

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 on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

Tax

The tax expense for the period comprises current 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.

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 32).

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

1,962

1,962

Additions

1,471

1,471

At 31 May 2024

3,433

3,433

Depreciation

At 1 June 2023

1,113

1,113

Charge for the year

381

381

At 31 May 2024

1,494

1,494

Carrying amount

At 31 May 2024

1,939

1,939

At 31 May 2023

849

849

5

Debtors

Current

2024
£

2023
£

Trade debtors

230,996

170,161

Prepayments

1,251

1,004

Other debtors

127,111

90,606

 

359,358

261,771

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

140,197

115,207

Trade creditors

 

567

14,425

Taxation and social security

 

182,012

109,814

Accruals and deferred income

 

46,370

36,544

Other creditors

 

1,727

852

 

370,873

276,842

Creditors include bank loans and overdrafts, which are secured by a fixed and floating charge over the company's assets ,of £140,197 (2023 - £115,207.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,667

21,667

Creditors include bank loans and overdrafts, which are secured by a fixed and floating charge over the company's assets , of £11,667 (2023 - £21,667).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Reserves

The only movement on reserves in this period and the preceding period are profits and dividends.

 

Market 36 Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

-

28,939

Other borrowings

130,197

76,268

140,197

115,207

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £61,666 (2023 - £80,166).

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

63,635

63,635

Advanced

27,293

27,293

At end of period

90,928

90,928

2023

Key management
£

Total
£

At start of period

28,617

28,617

Advanced

35,018

35,018

At end of period

63,635

63,635

Terms of loans to related parties

The loan bears interest at 2.25% per annum.