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REGISTERED NUMBER: 04107729 (England and Wales)















STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTOR: Ms C J Martin





REGISTERED OFFICE: 3 Victoria Road
Darlington
Co. Durham
DL1 5SJ





REGISTERED NUMBER: 04107729 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

STRATEGIC REPORT
for the Year Ended 31 October 2024


The director presents her strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
Resource Management Solutions (North East) Limited, established in 2000, proudly celebrates its 25th year in operation. Our sustained success has been driven by a dual approach: seizing emerging commercial opportunities while nurturing steady internal growth. Ongoing reinvestment of earnings into our infrastructure has strengthened our operational capacity and long-term stability.

The year 2024 brought unexpected external challenges that adversely affected the revenue forecasts presented in our previous report. Nevertheless, our core business model demonstrated resilience.

Looking forward, the current year is gaining positive traction. We continue to sustain healthy revenue through lasting partnerships with long-standing clients and the onboarding of new accounts. Our proven development strategy remains key to expanding our market footprint and enhancing profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
The UK recruitment market remains highly competitive, with pressure on client pricing and challenges from a limited talent pool. RMS addresses this by offering competitive salaries to retain key skills. After 24 years of refining our employment model, we are well positioned to compete, with strong traction from both existing and new clients.

We maintain low creditor levels and pay within 30 days, reducing the risk of outstanding debt.

Recent changes to Employers' National Insurance have increased cost pressures for clients, but we continue to adapt our pricing strategy to remain competitive.

DEVELOPMENT AND PERFORMANCE
We anticipate further growth through secured contracts and healthy profit margins. To sustain momentum and advance our capabilities, we are investing in our bespoke, interactive onboarding and training portal. We are also expanding our apprentice programme across key business areas-Recruitment, HR Managed Services, and Payroll-ensuring we retain critical skills and support ongoing development.

To progress with minimal exposure to risk, we operate with lean overheads. Our strategy for the coming 12 months centres on driving expansion through a targeted sales approach. While entering new sectors remains a priority, we are also nurturing existing client relationships to support continued organic growth and optimise profitability.


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

STRATEGIC REPORT
for the Year Ended 31 October 2024

KEY PERFORMANCE INDICATORS
The entity level key performance indicators which the key management regularly monitor comprise of:

a) Staff retention - both internally and within client placements
b) Gross profit margin across all business sectors
c) Cash flow performance
d) Investment in training and development
e) Efficiency of departmental workflows across operational sites

ON BEHALF OF THE BOARD:



Ms C J Martin - Director


25 June 2025

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

REPORT OF THE DIRECTOR
for the Year Ended 31 October 2024


The director presents her report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continues to be that of management of human resources and other activities of an employment placement agency.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2024.

DIRECTOR
Ms C J Martin held office during the whole of the period from 1 November 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise trade debtors, trade creditors and bank overdrafts. The main purpose of these instruments is to raise funds to finance the company's operations.

The company's approach to managing risks applicable to the financial instruments is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

In respect of bank overdrafts, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating and fixed rates of interest.

DISABLED PERSONS
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicants concerned. In the event of a member of staff becoming disabled, every effort is made to ensure that their employment within the company continues and the the appropriate training is arranged. It is the policy of the company that the training, career development and promotions of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH EMPLOYEES
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme ay present, but the director is considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

REPORT OF THE DIRECTOR
for the Year Ended 31 October 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms C J Martin - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD


Opinion
We have audited the financial statements of Resource Management Solutions (North East) Ltd (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD


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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

However, in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- we also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters;

- we reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company;

- we also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and;

- we considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls

- the internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated.

- we also considered the existence of performance targets and their potential influence on management to manage earnings.

- where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD

We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible.

The results of our procedures did not identify any instances or irregularities, including fraud.

No inherent difficulties were found in the standard processes for detecting irregularities; due to the minimal negative impact upon the business in the current year due to the sector in which it operates and the controls put in place, there was no significant shift in the control environment in the current year. This also meant that the nature, timing and extent of the audit procedures performed were not significantly impacted.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

25 June 2025

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

INCOME STATEMENT
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 3 18,519,600 17,765,203

Cost of sales 16,460,713 15,698,295
GROSS PROFIT 2,058,887 2,066,908

Administrative expenses 2,032,739 1,919,911
OPERATING PROFIT 5 26,148 146,997


Interest payable and similar expenses 6 21,451 25,736
PROFIT BEFORE TAXATION 4,697 121,261

Tax on profit 7 14,147 33,200
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(9,450

)

88,061

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (9,450 ) 88,061


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(9,450

)

88,061

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 328,935 338,533
328,935 338,533

CURRENT ASSETS
Stocks 10 37,386 38,963
Debtors 11 4,053,211 3,828,702
Cash at bank and in hand 28,600 7,496
4,119,197 3,875,161
CREDITORS
Amounts falling due within one year 12 4,183,515 3,860,488
NET CURRENT (LIABILITIES)/ASSETS (64,318 ) 14,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,617

353,206

CREDITORS
Amounts falling due after more than one year 13 130,942 210,081
NET ASSETS 133,675 143,125

CAPITAL AND RESERVES
Called up share capital 18 200 200
Revaluation reserve 19 50,731 50,731
Retained earnings 19 82,744 92,194
SHAREHOLDERS' FUNDS 133,675 143,125

The financial statements were approved by the director and authorised for issue on 25 June 2025 and were signed by:





Ms C J Martin - Director


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 October 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2022 200 3,898 50,966 55,064

Changes in equity
Total comprehensive income - 88,061 - 88,061
Transfers - 235 (235 ) -
Balance at 31 October 2023 200 92,194 50,731 143,125

Changes in equity
Total comprehensive income - (9,450 ) - (9,450 )
Balance at 31 October 2024 200 82,744 50,731 133,675

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

CASH FLOW STATEMENT
for the Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 145,683 176,855
Interest paid (21,451 ) (25,736 )
Tax paid (6,412 ) 4,886
Net cash from operating activities 117,820 156,005

Cash flows from investing activities
Purchase of tangible fixed assets (3,230 ) (8,803 )
Net cash from investing activities (3,230 ) (8,803 )

Cash flows from financing activities
New loans in year 138,528 -
Loan repayments in year (232,014 ) (109,113 )
Net cash from financing activities (93,486 ) (109,113 )

Increase in cash and cash equivalents 21,104 38,089
Cash and cash equivalents at beginning of
year

2

7,496

(30,593

)

Cash and cash equivalents at end of year 2 28,600 7,496

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 October 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 4,697 121,261
Depreciation charges 12,828 14,571
Finance costs 21,451 25,736
38,976 161,568
Decrease/(increase) in stocks 1,577 (1,112 )
Increase in trade and other debtors (240,415 ) (399,051 )
Increase in trade and other creditors 345,545 415,450
Cash generated from operations 145,683 176,855

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 28,600 7,496
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 7,496 3,764
Bank overdrafts - (34,357 )
7,496 (30,593 )


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 October 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 7,496 21,104 28,600
7,496 21,104 28,600
Debt
Debts falling due within 1 year (92,983 ) 14,347 (78,636 )
Debts falling due after 1 year (210,081 ) 79,139 (130,942 )
(303,064 ) 93,486 (209,578 )
Total (295,568 ) 114,590 (180,978 )

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

Resource Management Solutions (North East) Ltd is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 3 Victoria Road, Darlington, DL1 5SJ.

The principal activity of the company is that of management of human resources and other activities of an employment placement agency.

The presentational currency of the financial statements is Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The director has considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the director believes on balance that the company has sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements.

The UK recruitment market remains highly competitive, with pressure on client pricing and challenges from a limited talent pool. RMS addresses this by offering competitive salaries to retain key skills. After 24 years of refining their employment model, the director believes the company is well positioned to compete, with strong traction from both existing and new clients as reflected in forecasts of the company.

The company maintains low creditor levels and pay within 30 days, reducing the risk of outstanding debt.

Recent changes to Employers' National Insurance have increased cost pressures for clients, but the company continues to adapt our pricing strategy to remain competitive.

Accordingly, these financial statements have been prepared on the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 only affects that period, or in the period of the revision and future periods where th revision affects both current and future periods.

In the opinion of the directors. there are no key or significant sources of estimation uncertainty used in the preparation of the accounts.

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product or service, have been transferred to the customer.

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 five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses or under the revaluation model with changes in fair value recognised in other comprehensive income.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.


RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
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.

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Provision of services 18,519,600 17,765,203
18,519,600 17,765,203

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,519,600 17,765,203
18,519,600 17,765,203

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 15,635,934 13,194,659
Social security costs 1,503,907 1,230,123
Other pension costs 251,734 236,060
17,391,575 14,660,842

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Administration Staff 24 24
Cost of sales staff 446 489
471 514

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Director's remuneration 313,480 293,835

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 313,480 293,835

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 12,828 14,571
Auditors' remuneration 13,020 11,350
Operating lease charges 62,727 53,638

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 21,451 25,736

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (1,759 ) 8,200

Deferred tax 15,906 25,000
Tax on profit 14,147 33,200

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,697 121,261
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 -
22.520%)

892

27,308

Effects of:
Expenses not deductible for tax purposes 11,036 1,211
Income not taxable for tax purposes (13,322 ) -
Depreciation in excess of capital allowances 1,423 1,486
Adjustments to tax charge in respect of previous periods - (1,646 )
Other (1,788 ) 4,841
Deferred tax 15,906 -
Total tax charge 14,147 33,200

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 November 2023
and 31 October 2024 52,545
AMORTISATION
At 1 November 2023
and 31 October 2024 52,545
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


9. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 November 2023 330,000 61,863 391,863
Additions - 3,230 3,230
At 31 October 2024 330,000 65,093 395,093
DEPRECIATION
At 1 November 2023 6,600 46,730 53,330
Charge for year 6,600 6,228 12,828
At 31 October 2024 13,200 52,958 66,158
NET BOOK VALUE
At 31 October 2024 316,800 12,135 328,935
At 31 October 2023 323,400 15,133 338,533

Cost or valuation at 31 October 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2023 11,737 - 11,737
Cost 318,263 65,093 383,356
330,000 65,093 395,093

If freehold and and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 318,263 318,263
Aggregate depreciation 58,559 51,959

Value of land in freehold land and buildings 259,704 266,304

Freehold and and buildings were valued on an open market basis on 1 June 2023 by a RICS accredited independent valuer .

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


10. STOCKS
2024 2023
£    £   
Stocks 37,386 38,963

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,390,110 2,134,107
Other debtors 25,000 25,000
Directors' current accounts 645,019 645,019
Tax 162,749 162,749
Deferred tax asset 2,094 18,000
Prepayments and accrued income 828,239 843,827
4,053,211 3,828,702

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 11,619
Other loans (see note 14) 78,636 81,364
Trade creditors 24,299 41,007
Tax 29 8,200
Social security and other taxes 728,690 474,931
VAT 797,090 790,802
Other creditors 2,504,584 2,408,471
Accrued expenses 50,187 44,094
4,183,515 3,860,488

Included within other creditors is an invoice discounting facility of £2,148,118 (2023 - £2,073,517) which is secured against book debts and has interest charged on it at 2.22%.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) - 126,358
Other loans (see note 14) 130,942 83,723
130,942 210,081

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 11,619
Other loans 78,636 81,364
78,636 92,983

Amounts falling due between one and two years:
Bank loans - 1-2 years - 126,358
Other loans - 1-2 years 32,920 83,723
32,920 210,081

Amounts falling due between two and five years:
Other loans - 2-5 years 42,012 -

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 56,010 -

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 39,250 19,592
Between one and five years 17,049 6,254
56,299 25,846

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 137,977
Other loans 209,578 165,086
209,578 303,063

Other loans are secured by a charge over the freehold property, by a fixed and floating charge over the assets of the company and a personal guarantee from the director. Other loans are repayable by 2026 and 2033 with interest being charged at 5% (CBILS) and 3.6% plus LIBER respectively. None CBILs loans have been refinanced in the current year.

17. DEFERRED TAX
£   
Balance at 1 November 2023 (18,000 )
Provided during year 15,906
Balance at 31 October 2024 (2,094 )

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A Shares 1 100 100
100 Ordinary B Shares 1 100 100
200 200

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2023 92,194 50,731 142,925
Deficit for the year (9,450 ) (9,450 )
At 31 October 2024 82,744 50,731 133,475

RESOURCE MANAGEMENT SOLUTIONS (NORTH
EAST) LTD (REGISTERED NUMBER: 04107729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024


20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Dividends totalling £nil (2023 - £nil) were paid in the year in respect of shares held by the company's director.

At the year end there was a directors loan account due within debtors of £645,019 (2023 - £645,019).

21. ULTIMATE CONTROLLING PARTY

The controlling party is Ms C J Martin.