McKinlay Recruitment Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03494294 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

MCKINLAY RECRUITMENT SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr J J McKinlay

Ms S M Ford

Registered office:

15 Irving Street

London

WC2H 7AU

Registered number:

03494294 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Fixed assets

Intangible assets

4

1

1

Tangible assets

5

1,462

2,960

Investments

6

348,047

180,240

349,510

183,201

Current assets

Debtors

144,613

132,870

Cash at bank

109,863

267,261

254,476

400,131

Creditors

Amounts falling due within one year

62,767

31,984

Net current assets

191,709

368,147

Total assets less current liabilities

541,219

551,348

Provisions for liabilities

278

-

Net assets

540,941

551,348

Capital and reserves

Called up share capital

7

1,000

1,000

Fair value reserve

70,429

54,476

Retained earnings

469,512

495,872

Shareholders' funds

540,941

551,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

All the members have consented to the preparation of an abridged Profit and Loss Account and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

Mr J J McKinlay - Director

1.	Statutory information

Mckinlay Recruitment Services 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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to

make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of

contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the

reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by

management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible,

there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by

management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there

remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out

at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as

possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be

uncollectable.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the

contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at

transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate

method. A provision is established when there is objective evidence that the company will not be able to collect all

amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank

overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the

contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity

instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Fixed asset investments

Fixed asset investments are stated in the balance sheet at fair value. Such investments are classified as current or fixed

assets depending on their availability for sale.

3.	Employees and directors

The average number of employees during the year was 14 (2018 - 14 ) .

4.	Intangible fixed assets

Totals

£

Cost

At 1 April 2018

and 31 March 2019

1

Net book value

At 31 March 2019

1

At 31 March 2018

1

5.	Tangible fixed assets

Totals

£

Cost

At 1 April 2018

and 31 March 2019

66,953

Depreciation

At 1 April 2018

63,993

Charge for year

1,498

At 31 March 2019

65,491

Net book value

At 31 March 2019

1,462

At 31 March 2018

2,960

6.	Fixed asset investments

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Investment stocks

210,000

180,240

Investment portfolio

138,047

-

348,047

180,240

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000