LifeLine Recruitment Services Limited - Period Ending 2022-09-30

LifeLine Recruitment Services Limited

Contents

Company Information	1
Directors' Report	2
Statement of Income and Retained Earnings	3
Statement of Financial Position	4
Notes to the Unaudited Financial Statements	5 to 9

LifeLine Recruitment Services Limited

Company Information

Directors

G J Pinchen S B Curtis

Registered office

Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Accountants

Harmer Slater Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

LifeLine Recruitment Services Limited

Directors' Report for the Year Ended 30 September 2022

The directors present their report and the financial statements for the year ended 30 September 2022.

Principal activity

The principal activity of the company is that of a specialist healthcare recruitment agency for the UK market.

Directors of the company

The directors who held office during the year and up to the date of authorisation of this report were as follows:

G J Pinchen

S B Curtis

Going concern

The company have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 30 June 2023 and signed on its behalf by:
 

......................................... G J Pinchen Director

LifeLine Recruitment Services Limited

Statement of Income and Retained Earnings
for the Year Ended 30 September 2022

	Note	2022 £	2021 £
Revenue		1,015,700	1,438,159
Cost of sales		(790,064)	(1,067,421)
Gross profit		225,636	370,738
Administrative expenses		(174,766)	(177,380)
Other operating income		-	619
Operating profit		50,870	193,977
Other interest receivable and similar income		182	436
Profit before tax		51,052	194,413
Taxation		(9,700)	(36,938)
Profit for the financial year		41,352	157,475
Retained earnings brought forward		8,484	(148,991)
Retained earnings carried forward		49,836	8,484

Continuing operations
All results are derived wholly from continuing operations.

LifeLine Recruitment Services Limited

(Registration number: 10462806)
Statement of Financial Position as at 30 September 2022

	Note	2022 £	2021 £
Current assets
Receivables	4	259,445	168,341
Cash at bank and in hand		7,056	25,320
		266,501	193,661
Payables: Amounts falling due within one year	6	(216,565)	(185,077)
Net assets		49,936	8,584
Equity
Called up share capital	7	100	100
Retained earnings	7	49,836	8,484
Shareholders' funds		49,936	8,584

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements of LifeLine Recruitment Services Limited were approved and authorised for issue by the Board on 30 June 2023 and signed on its behalf by:
 

.........................................

G J Pinchen
Director

LifeLine Recruitment Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022

1	General information

LifeLine Recruitment Services Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, CIP Holdings Limited, which may be obtained from Salatin House, 19 Cedar Road, Sutton SM2 5DA. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

LifeLine Recruitment Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022 (continued)

2	Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents the value of consideration receivable for the provision of services to customers, net of value added tax. Revenue is recognised when the services have been provided. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Government grants

Government grants of a revenue nature are credited to the income statement so as to match them with the expenditure to which they relate and are included in other operating income.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Cash and cash equivalents

Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of
change in value.

Receivables

Receivables are amounts due from customers for services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price, less any impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

LifeLine Recruitment Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022 (continued)

2	Accounting policies (continued)

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Pensions

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff costs

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

LifeLine Recruitment Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022 (continued)

4	Receivables

	2022 £	2021 £
Trade receivables	172,761	121,489
Amounts owed by group undertakings	62,562	19,853
Prepayments and accrued income	24,122	26,999
	259,445	168,341

The amount receivable from group undertaking disclosed is unsecured, payable on demand and is non-interest bearing.

5	Cash and cash equivalents

	2022 £	2021 £
Cash at bank	7,056	25,320

6

Payables

	2022 £	2021 £
Due within one year
Trade payables	10,455	14,273
Corporation tax	37,527	27,827
Social security and other taxes	59,301	60,179
Outstanding defined contribution pension costs	1,176	1,279
Other payables	17	26,589
Other current financial liabilities	81,622	47,863
Accrued expenses	26,467	7,067
	216,565	185,077

The company has in place an invoice discounting facility which is secured by way of a fixed and floating charge over the assets of the company.

LifeLine Recruitment Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022 (continued)

7	Share capital and reserves

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

8	Director's personal guarantees

A director has provided personal guarantee limited to £325,000 (2021: £325,000) against the facilities with the invoice discounting provider. Two directors have provided warranties in relation to this facility.

The amount of the financial guarantee contract is £2,037,087.

9	Parent and ultimate parent undertaking

The company's immediate parent is CIP Holding Ltd, incorporated in Salatin House, 19 Cedar Road, Sutton SM2 5DA.

 The most senior parent entity producing publicly available financial statements is CIP Holding Ltd. These financial statements are available upon request from Salatin House, 19 Cedar Road, Sutton SM2 5DA.

 

10	Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

11	Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.