REGISTERED NUMBER: 10629494 (England and Wales)

Formula Recruitment Limited

Unaudited Financial Statements

for the Year Ended 31st March 2026

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Bainger

R W Leadsom

REGISTERED OFFICE:

Penbeagle Ind Est

Penbeagle Industrial Estate

St Ives

Cornwall

TR26 2JH

REGISTERED NUMBER:

10629494 (England and Wales)

ACCOUNTANTS:

Hodgsons

Chartered Accountants

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,459,930

1,497,484

1,459,930

1,497,484

CURRENT ASSETS

Debtors

6

877,200

1,020,341

Cash at bank and in hand

509,105

515,927

1,386,305

1,536,268

CREDITORS

Amounts falling due within one year

7

(317,276

)

(521,498

)

NET CURRENT ASSETS

1,069,029

1,014,770

TOTAL ASSETS LESS CURRENT LIABILITIES

2,528,959

2,512,254

CREDITORS

Amounts falling due after more than one year

8

(4,183

)

(6,274

)

PROVISIONS FOR LIABILITIES

(7,751

)

(7,094

)

NET ASSETS

2,517,025

2,498,886

CAPITAL AND RESERVES

Called up share capital

10

10

Share premium

22,058

22,058

Retained earnings

2,494,957

2,476,818

2,517,025

2,498,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th August 2026 and were signed on its behalf by:

J A Bainger - Director

1.	STATUTORY INFORMATION

Formula Recruitment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

The website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Land and buildings - depreciation is not provided on land. Buildings were depreciated during the year at 2% on cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2025 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1st April 2025

and 31st March 2026

6,000

AMORTISATION

At 1st April 2025

and 31st March 2026

6,000

NET BOOK VALUE

At 31st March 2026

-

At 31st March 2025

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

buildings

machinery

fittings

£

£

£

COST

At 1st April 2025

1,378,415

74,840

67,248

Additions

16,595

7,884

4,746

Disposals

-

-

-

At 31st March 2026

1,395,010

82,724

71,994

DEPRECIATION

At 1st April 2025

37,339

46,002

28,250

Charge for year

18,699

12,188

13,653

Eliminated on disposal

-

-

-

At 31st March 2026

56,038

58,190

41,903

NET BOOK VALUE

At 31st March 2026

1,338,972

24,534

30,091

At 31st March 2025

1,341,076

28,838

38,998

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st April 2025

119,576

44,878

1,684,957

Additions

-

4,869

34,094

Disposals

-

(3,997

)

(3,997

)

At 31st March 2026

119,576

45,750

1,715,054

DEPRECIATION

At 1st April 2025

41,109

34,773

187,473

Charge for year

19,617

7,053

71,210

Eliminated on disposal

-

(3,559

)

(3,559

)

At 31st March 2026

60,726

38,267

255,124

NET BOOK VALUE

At 31st March 2026

58,850

7,483

1,459,930

At 31st March 2025

78,467

10,105

1,497,484

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

448,159

358,441

Amounts recoverable on contract

146,638

366,825

Other debtors

282,403

295,075

877,200

1,020,341

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

97,120

373,403

Taxation and social security

65,234

64,625

Other creditors

154,922

83,470

317,276

521,498

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Other creditors

4,183

6,274

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

57,190

54,648

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2026 and 31st March 2025:

2026

2025

£

£

J A Bainger

Balance outstanding at start of year

3,531

6,397

Amounts advanced

58,962

204,219

Amounts repaid

(52,678

)

(207,085

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,815

3,531

R W Leadsom

Balance outstanding at start of year

214,197

71,360

Amounts advanced

48,268

204,396

Amounts repaid

(87,842

)

(61,559

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

174,623

214,197

The above loans have no specific repayment terms. Interest has been charged at the official rate on loan balances exceeding £10,000.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The company set up an EMI scheme on 19/12/2025. At the end of the period there were 11,568 options outstanding, none of which were exercisable. There were no material share- based payments to record in the profit and loss for the period.