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Company registration number: 11796849
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2024
| CMA RECRUITMENT GROUP LIMITED
CMA RECRUITMENT GROUP LIMITED |  |
COMPANY INFORMATION
Director | N F C Clarke
Registered number | 11796849
Registered office | Meridians House
| 7 Ocean Way
| Southampton
| Hampshire
| SO14 3TJ
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
CMA RECRUITMENT GROUP LIMITED |  |
CONTENTS
| Page
Group Strategic Report | 1
Director's Report | 2 - 3
Independent Auditor's Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Statement of Financial Position | 9
Company Statement of Financial Position | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Consolidated Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 31
CMA RECRUITMENT GROUP LIMITED |  |
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their strategic report of the company and group for the period from 1 January 2024 to 31 December 2024.
Principal Activity
The principal activity of the Group in the period under review was that of the provision of contract, permanent and temporary staff and related services. The principal activity of the company is that of a holding company.
Review of Business
The turnover for the period was £7,620,713 and operating loss was £612,838. The consolidated shareholder funds at the period end were negative £1,686,002. The EBITDA for the period was £260,012. The directors monitor progress of the Group with reference to a number of key performance indicators, these include: • Net Fee Income (permanent, temporary and contract revenue less temporary workers wages); • Net Fee Income per full time equivalent employee; • Consultant profitability (fees booked less direct costs to employ); • Net Fee Income conversion (conversion of NFI into EBITDA); • Recruitment metrics (including but not limited to fill ratios, job flows and margin).
Current and Future Developments
The Board remain committed to building on CMA Recruitment Group’s 45-year legacy, continuing to deliver successful outcomes for employers and job seekers across the South of England. The challenges in the UK recruitment market remain. Accountancy & Finance job postings are now below pre-pandemic levels and UK unemployment is rising. Despite these headwinds, CMA has traded resiliently, and the Board remains upbeat about the business’s short- and long-term prospects.
Principal Risk and Uncertainties
The primary risk faced by the Group is economic uncertainty driven by external macroeconomic factors, which have introduced volatility into job flows across all divisions. A further risk is the attraction and retention of high performing consultants and support team members who embody our company values. With an average team tenure exceeding ten years, we believe we are providing an excellent workplace environment. This report was approved by the board and signed on its behalf.
N F C Clarke Director
Date: 17 September 2025
Page 1
CMA RECRUITMENT GROUP LIMITED |  |
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The director presents his report and the financial statements for the year ended 31 December 2024.
Director's responsibilities statement
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £807,015 (2023 - loss £469,573). The Director does not recommend the payment of a dividend.
Director
The director who served during the year was:
N F C Clarke
Future developments
Please refer to the Strategic Report.
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end. Page 2
CMA RECRUITMENT GROUP LIMITED |  |
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Auditor
The auditor, Menzies LLP, will be deemed to have been reappointmented 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This is in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N F C Clarke Director
Date: 17 September 2025
Page 3
CMA RECRUITMENT GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CMA RECRUITMENT GROUP LIMITED
Opinion
We have audited the financial statements of CMA Recruitment Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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. Page 4
CMA RECRUITMENT GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CMA RECRUITMENT GROUP LIMITED (CONTINUED)
Opinion 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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 directors
As explained more fully in the Director's Responsibilities Statement set out on page 2, 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 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 director is responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
CMA RECRUITMENT GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CMA RECRUITMENT GROUP LIMITED (CONTINUED)
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 Group 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: • The Group and parent Company are subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. • We understood how the Group and parent Company are complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the group and parent Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; °Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; °Challenging assumptions and judgments made by management in its significant accounting estimates; and °Identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: °Posting of unusual journals and complex transactions. °Misappropriation of funds through fraudulent purchase ledger and payroll activity. °Manipulation of amounts subject to significant judgment or estimate. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. 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 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 Auditor's Report. Page 6
CMA RECRUITMENT GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CMA RECRUITMENT GROUP LIMITED (CONTINUED)
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 Hadfield FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 17 September 2025 Page 7
CMA RECRUITMENT GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 7,620,713 | 7,265,833
Cost of sales |  | (2,843,735) | (2,356,706)
Gross profit |  | 4,776,978 | 4,909,127
Administrative expenses |  | (5,389,816) | (5,148,723)
Operating loss | 5 | (612,838) | (239,596)
Interest receivable and similar income | 9 | - | 373
Interest payable and similar expenses | 10 | (124,476) | (135,869)
Loss before tax |  | (737,314) | (375,092)
Tax on loss | 11 | (69,701) | (94,481)
Loss for the financial year |  | (807,015) | (469,573)
Loss for the year attributable to: |  |  |
Owners of the parent company |  | 807,015 | 469,573
|  | 807,015 | 469,573
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 15 to 31 form part of these financial statements.
Page 8
CMA RECRUITMENT GROUP LIMITED REGISTERED NUMBER:11796849 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 3,453,573 |  | 4,282,430
Tangible assets | 14 |  | 112,317 |  | 155,334
|  |  | 3,565,890 |  | 4,437,764
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 643,058 |  | 653,588 |
Cash at bank and in hand |  | 1,310 |  | 2,797 |
|  | 644,368 |  | 656,385 |
Creditors: amounts falling due within one year | 17 | (1,228,840) |  | (1,081,859) |
Net current liabilities |  |  | (584,472) |  | (425,474)
Total assets less current liabilities |  |  | 2,981,418 |  | 4,012,290
Creditors: amounts falling due after more than one year | 18 |  | (4,643,825) |  | (4,890,348)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (23,595) |  | (929) |
|  |  | (23,595) |  | (929)
Net liabilities |  |  | (1,686,002) |  | (878,987)
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 80,500 |  | 80,500
Profit and loss account | 23 |  | (1,766,502) |  | (959,487)
|  |  | (1,686,002) |  | (878,987)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N F C Clarke
Director
Date: 17 September 2025
The notes on pages 15 to 31 form part of these financial statements. Page 9
CMA RECRUITMENT GROUP LIMITED REGISTERED NUMBER:11796849 |  |
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 6,679,157 |  | 7,942,771
|  |  | 6,679,157 |  | 7,942,771
Current assets |  |  |  |  |
Cash at bank and in hand |  | 1,302 |  | 1,487 |
|  | 1,302 |  | 1,487 |
Creditors: amounts falling due within one year | 17 | (4,193,788) |  | (3,844,238) |
Net current liabilities |  |  | (4,192,486) |  | (3,842,751)
Total assets less current liabilities |  |  | 2,486,671 |  | 4,100,020
Creditors: amounts falling due after more than one year | 18 |  | (4,601,750) |  | (4,826,750)
Net liabilities |  |  | (2,115,079) |  | (726,730)
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 80,500 |  | 80,500
Profit and loss account brought forward |  | (807,230) |  | (673,054) |
Loss for the year |  | (1,388,349) |  | (134,176) |
Profit and loss account carried forward |  |  | (2,195,579) |  | (807,230)
|  |  | (2,115,079) |  | (726,730)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N F C Clarke
Director
Date: 17 September 2025
The notes on pages 15 to 31 form part of these financial statements. Page 10
CMA RECRUITMENT GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 80,500 | (489,914) | (409,414)
Comprehensive income for the year |  |  |
Loss for the year | - | (469,573) | (469,573)
Total comprehensive income for the year | - | (469,573) | (469,573)
At 1 January 2024 | 80,500 | (959,487) | (878,987)
Comprehensive income for the year |  |  |
Loss for the year | - | (807,015) | (807,015)
Total comprehensive income for the year | - | (807,015) | (807,015)
At 31 December 2024 | 80,500 | (1,766,502) | (1,686,002)
| The notes on pages 15 to 31 form part of these financial statements.
Page 11
CMA RECRUITMENT GROUP LIMITED |  |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 80,500 | (673,054) | (592,554)
Comprehensive income for the year |  |  |
Loss for the year | - | (134,176) | (134,176)
Total comprehensive income for the year | - | (134,176) | (134,176)
At 1 January 2024 | 80,500 | (807,230) | (726,730)
Comprehensive income for the year |  |  |
Loss for the year | - | (1,388,349) | (1,388,349)
Total comprehensive income for the year | - | (1,388,349) | (1,388,349)
At 31 December 2024 | 80,500 | (2,195,579) | (2,115,079)
| The notes on pages 15 to 31 form part of these financial statements.
Page 12
CMA RECRUITMENT GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (807,015) | (469,573)
Adjustments for: |  |
Amortisation of intangible assets | 828,857 | 828,857
Depreciation of tangible assets | 43,993 | 46,049
Loss on disposal of tangible assets | - | 335
Interest paid | 124,476 | 135,869
Interest received | - | (373)
Taxation charge | 47,035 | 94,481
Decrease in debtors | 10,530 | 8,567
Increase in creditors | 99,864 | 119,430
Increase in provisions | 22,666 | -
Corporation tax (paid) | (94,481) | (167,238)
Net cash generated from operating activities | 275,925 | 596,404
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (976) | (164,156)
Interest received | - | 373
Net cash from investing activities | (976) | (163,783)
Cash flows from financing activities |  |
Repayment of loans | - | (200,256)
Repayment of loan notes | (225,000) | (350,000)
Interest paid | (124,476) | (135,869)
Net cash used in financing activities | (349,476) | (686,125)
Net (decrease) in cash and cash equivalents | (74,527) | (253,504)
Cash and cash equivalents at beginning of year | (161,399) | 92,105
Cash and cash equivalents at the end of year | (235,926) | (161,399)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,310 | 2,797
Working capital facility | (237,236) | (164,196)
| (235,926) | (161,399)
Page 13
CMA RECRUITMENT GROUP LIMITED |  |
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
|  | At 1 January 2024 | Cash flows | Repayment of loan notes | At 31 December 2024
|  | £ | £ | £ | £
Cash at bank and in hand | 2,797 | (1,487) | - | 1,310
Working capital facility | (164,196) | (73,040) | - | (237,236)
Loan notes | (3,554,795) | - | 225,000 | (3,329,795)
Bank loans > 1 year | - | - | - | -
Preference shares | (1,271,955) | - | - | (1,271,955)
Hire purchase leases | (83,951) | 20,045 | - | (63,906)
| (5,072,100) | (54,482) | 225,000 | (4,901,582)
The notes on pages 15 to 31 form part of these financial statements.
Page 14
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
CMA Recruitment Group Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The registered address is also the principal place of business. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 January 2019.
| 2.3 | Going concern
As at the balance sheet date the Group and Company have net current liabilities and a balance sheet deficit. The Director has reviewed the position and considers that it is appropriate to prepare the accounts on the going concern basis.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from temporary hires are recognised in the period the services are provided to the client. In the case of permanent hires, revenue is recognised when the placement is unconditionally accepted by both parties. A provision is made for any cancelled placements made within 3 months. Page 15
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 16
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 17
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | Over length of the lease
|  |  |  | Office equipment | - | 33% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 18
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the director has made the following judgements: Impairmen t of assets Determine whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. Page 19
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Provision of recruitment services | 7,620,713 | 7,265,833
|  | 7,620,713 | 7,265,833
| All turnover arose within the United Kingdom.
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating lease rentals | 281,715 | 235,673
6. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 13,000 | 12,400
| Fees payable to the Company's auditor in respect of: |  |
| Accounts preparation | 4,600 | 4,400
| Taxation compliance services | 2,650 | 2,500
Page 20
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 5,661,396 | 5,045,067
| Social security costs | 583,365 | 541,068
| Cost of defined contribution scheme | 92,840 | 89,418
|  | 6,337,601 | 5,675,553
| The average monthly number of employees, employed by the group, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Temporary staff | 61 | 57
|  | Permanent staff | 49 | 42
|  |  | 110 | 99
8. | Director's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Director's emoluments | 101,261 | 108,860
|  | 101,261 | 108,860
| During the year there were no retirement benefits accruing to directors (2023 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | - | 373
|  | - | 373
Page 21
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | - | 1
| Other loan interest payable | 119,150 | 127,426
| Finance leases and hire purchase contracts | 5,326 | 8,442
|  | 124,476 | 135,869
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 49,084 | 94,481
| Adjustments in respect of previous periods | (2,049) | -
|  | 47,035 | 94,481
| Total current tax | 47,035 | 94,481
| Deferred tax |  |
| Origination and reversal of timing differences | (8,332) | -
| Adjustments in respect of previous periods | 30,998 | -
| Total deferred tax | 22,666 | -
| Tax on loss | 69,701 | 94,481
Page 22
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (737,314) | (375,092)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | (184,329) | (88,222)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 17,445 | 15,063
| Capital allowances for year in excess of depreciation | 31,672 | -
| Adjustments to tax charge in respect of prior periods | (2,049) | -
| Adjustments to deferred tax charge in respect of prior periods | 30,998 | -
| Other timing differences leading to an increase (decrease) in taxation | - | (7,604)
| Non-taxable income | - | (347)
| Deferred tax asset not recognised | - | 10,041
| Other differences leading to an increase (decrease) in the tax charge | 175,964 | 165,550
| Total tax charge for the year | 69,701 | 94,481
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £1,388,349 (2023 - loss £134,176). Page 23
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 January 2024 | 8,288,572
| At 31 December 2024 | 8,288,572
| Amortisation |
| At 1 January 2024 | 4,006,142
| Charge for the year on owned assets | 828,857
| At 31 December 2024 | 4,834,999
| Net book value |
| At 31 December 2024 | 3,453,573
| At 31 December 2023 | 4,282,430
Page 24
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 90,393 | 209,872 | 300,265
| Additions | - | 976 | 976
| At 31 December 2024 | 90,393 | 210,848 | 301,241
| Depreciation |  |  |
| At 1 January 2024 | 45,877 | 99,054 | 144,931
| Charge for the year on owned assets | 12,367 | 31,626 | 43,993
| At 31 December 2024 | 58,244 | 130,680 | 188,924
| Net book value |  |  |
| At 31 December 2024 | 32,149 | 80,168 | 112,317
| At 31 December 2023 | 44,516 | 110,818 | 155,334
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long leasehold | 32,149 | 44,516
|  | 32,149 | 44,516
Page 25
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 7,942,771
| At 31 December 2024 | 7,942,771
| Impairment |
| Charge for the period | 1,263,614
| At 31 December 2024 | 1,263,614
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| CMA Financial Recruitment Limited | Meridians House, 7 Ocean Way, Southampton, SO14 3TJ | Ordinary | 100%
16. | Debtors
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Trade debtors | 441,070 | 467,908
| Other debtors | 111,131 | 84,254
| Prepayments and accrued income | 90,857 | 101,426
|  | 643,058 | 653,588
Page 26
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Working capital facility | 237,236 | 164,196 | - | -
| Trade creditors | 103,066 | 68,912 | - | -
| Amounts owed to group undertakings | - | - | 4,190,478 | 3,844,238
| Corporation tax | 49,084 | 98,566 | - | -
| Other taxation and social security | 410,400 | 413,968 | - | -
| Obligations under finance lease and hire purchase contracts | 21,831 | 20,353 | - | -
| Other creditors | 110,879 | 49,174 | - | -
| Accruals and deferred income | 296,344 | 266,690 | 3,310 | -
|  | 1,228,840 | 1,081,859 | 4,193,788 | 3,844,238
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Other loans | 3,329,795 | 3,554,795 | 3,329,795 | 3,554,795
| Net obligations under finance leases and hire purchase contracts | 42,075 | 63,598 | - | -
| Share capital treated as debt | 1,271,955 | 1,271,955 | 1,271,955 | 1,271,955
|  | 4,643,825 | 4,890,348 | 4,601,750 | 4,826,750
The interest charged on the loan notes is 2.5%.
19. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Amounts falling due 1-2 years |  |  |  |
| Other loans | 3,329,795 | 3,554,795 | 3,329,795 | 3,554,795
|  | 3,329,795 | 3,554,795 | 3,329,795 | 3,554,795
Page 27
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Within one year | 21,831 | 20,353
| Between 1-5 years | 42,075 | 63,598
|  | 63,906 | 83,951
21. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (929)
| Charged to profit or loss | (22,666)
| At end of year | (23,595)
| Company
|  | 2024
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Fixed asset timing differences | (23,595) | (929)
|  | (23,595) | (929)
Page 28
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 70,000 (2023 - 70,000) A Ordinary shares of £1.00 each | 70,000 | 70,000
|  | 10,500 (2023 - 10,500) B Ordinary shares of £1.00 each | 10,500 | 10,500
|  |  | 80,500 | 80,500
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 1,271,955 (2023 - 1,271,955) Preference shares of £1.00 each | 1,271,955 | 1,271,955
| Ordinary A and Ordinary B shares both hold equal voting and dividends rights. Preference shares hold no voting rights nor rights of redemption.
23. | Reserves
Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. Page 29
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Share-based payments
| The Company has a share option scheme for selected employees of the Group. The Company takes part in this group share-based payment plan, and recognises and measures its allocation of the share-based payment expense on a pro-rata basis. Options are exercisable at a price equal to the estimate fair value of the Company's shares on the date of grant. If the options remain unexercised after a period of ten years from the date of grant, the options expire. At the discretion of the Company, options may be forfeited if the employee leaves the company before the options vest. Per the scheme rules, the options are exercisable where the Company is listed or sold. See further details in the table below.
|  | Weighted average exercise price (pence) 2024 | Number 2024 | Weighted average exercise price (pence) 2023 | Number 2023
| Outstanding at the beginning of the year | 100 | 23,500 | 100 | 19,500
| Granted during the year |  | - | 100 | 4,000
| Outstanding at the end of the year | 100 | 23,500 | 100 | 23,500
| The Company has not recognised any expense in the year or previous year as the Company considers the share options to have no current value based on no foreseeable listing or sale of the Company.
25. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £92,840 (2023 - £89,418). Contributions totalling £17,118 (2023 - £14,279) were payable to the fund at the reporting date and are included in creditors. Page 30
CMA RECRUITMENT GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
26. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 158,777 | 206,787
| Later than 1 year and not later than 5 years | 334,557 | 384,029
| Later than 5 years | 90,615 | 155,079
|  | 583,949 | 745,895
| During the year, the Group recognised £281,715 (2023 - £235,673) as an expense relating to operating leases.
27. | Related party transactions
| The Company has taken advantage of the available exemption conferred by Section 1AC.35 of FRS102 not to disclose transactions with wholly owned members of the Group.
28. | Controlling party
The ultimate controlling party is Mr N F C Clarke, the director.
Page 31