HUMAN_CAPITAL_SEARCH_LIMI - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Human Capital Search Limited is a private company limited by shares incorporated in England and Wales. Company registration number 04477127. The registered office is The Clubhouse Mayfair, 50 Grosvenor Hill, LONDON, W1K 3QT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover comprises fees and expenses receivable for placements. Fees are shown net of VAT and include income from contingent placements. Fees are accrued and recognised when an offer is accepted by the relevant candidate and invoiced on the date the candidate starts employment. It also includes the proportion of income of overseas placements where a significant proportion of the service is provided from the UK.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities. Trade creditors are recognised at transaction price.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Other operating income

Management charges are shown net of VAT where it is applicable and reflect overheads rechargeable to fellow group companies.

The average monthly number of persons (including directors) employed by the company during the year was:

Trade debtors are reflected net of a £346,965 doubtful debt provision. There is sufficient evidence available for it to be considered probable that the cash due for specific debts will not be received in full. However, to date there is not objective evidence available to confirm that as a result of an actual event future cash flows will be reduced.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

A debenture is in place with the company's bankers over all monies due, or to become due, from the company to the chargee on any account whatsoever. With fixed and floating charges over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

A rent deposit deed is in place over all monies due, or to become due, from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge.

Non-cancellable operating leases relate to the property from which the company trades. £31,513 (2019 - £47,004) is included in other debtors to reflect the deposit held by the property landlord.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.

Included within amounts owed to group companies is £180,410 (2019 - £113,873) due to Human Capital Search Pty, a fellow subsidiary within the HC Global Group Limited group of companies. The balance is interest free with no formal repayment terms.

Included within amounts owed to group companies is £3,737 (2019 - £0) due to Human Capital Search do Brasil Servicos de Recrutamento Ltda, a fellow subsidiary within the HC Global Group Limited group of companies. The balance is interest free with no formal repayment terms.

The immediate parent company is Negotium Group Limited. The registered office is The Clubhouse Mayfair, 50 Grosvenor Hill, Mayfair, LONDON, W1K 3QT.

The ultimate parent company is HC Global Group Limited. The registered office is The Clubhouse Mayfair, 50 Grosvenor Hill, Mayfair, LONDON, W1K 3QT.

Group accounts are not publicly available.