Douglas Scott Legal Recruitment Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05243302 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

DOUGLAS SCOTT LEGAL RECRUITMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K Nolan

J Nolan

REGISTERED OFFICE:

No 1 Spinningfields

Hardman Square

Manchester

M3 3EB

REGISTERED NUMBER:

05243302 (England and Wales)

ACCOUNTANTS:

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

FIXED ASSETS

Intangible assets

4

28,400

29,861

Tangible assets

5

99,699

25,799

128,099

55,660

CURRENT ASSETS

Debtors

6

1,336,630

1,088,802

Cash at bank and in hand

3,301

6,102

1,339,931

1,094,904

CREDITORS

Amounts falling due within one year

7

1,030,883

731,516

NET CURRENT ASSETS

309,048

363,388

TOTAL ASSETS LESS CURRENT LIABILITIES

437,147

419,048

CREDITORS

Amounts falling due after more than one year

8

(347,761

)

(368,668

)

PROVISIONS FOR LIABILITIES

(11,319

)

(11,319

)

NET ASSETS

78,067

39,061

CAPITAL AND RESERVES

Called up share capital

285

285

Retained earnings

77,782

38,776

78,067

39,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 7 September 2023 and were signed on its behalf by:

Mrs K Nolan - Director

1.	STATUTORY INFORMATION

Douglas Scott Legal 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.

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.

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 £.

Going concern

At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Turnover

Turnover represents amounts receivable for the placement of permanent staff and labour on a contract basis, net of VAT and discounts at standard rates. Turnover for permanent fee income is recognised when the individual commences their employment and contract fee income on the date the client authorises the timesheet for the work performed.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software 33% straight line

Tangible fixed assets

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

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 assets, and is credited or charged to the profit and loss account.

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:

Leasehold improvements Over term of the lease

Fixtures and fittings 25% straight line

Computers 25% straight line

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company 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 includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at 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. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 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.

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.

Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expenses, unless those costs are required to be recognised as part of stock or fixed assets.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately, as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2021 - 45 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

182,475

Additions

28,400

At 31 December 2022

210,875

AMORTISATION

At 1 January 2022

152,614

Charge for year

29,861

At 31 December 2022

182,475

NET BOOK VALUE

At 31 December 2022

28,400

At 31 December 2021

29,861

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

17,833

98,682

116,515

Additions

-

99,157

99,157

At 31 December 2022

17,833

197,839

215,672

DEPRECIATION

At 1 January 2022

8,830

81,886

90,716

Charge for year

9,003

16,254

25,257

At 31 December 2022

17,833

98,140

115,973

NET BOOK VALUE

At 31 December 2022

-

99,699

99,699

At 31 December 2021

9,003

16,796

25,799

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

282,000

31,549

Other debtors

1,054,630

1,057,253

1,336,630

1,088,802

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

274,014

97,623

Hire purchase contracts (see note 9)

9,484

-

Trade creditors

153,305

149,592

Taxation and social security

393,141

201,214

Other creditors

200,939

283,087

1,030,883

731,516

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

261,983

368,668

Hire purchase contracts (see note 9)

85,778

-

347,761

368,668

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

9,484

-

Between one and five years

85,778

-

95,262

-

Non-cancellable operating

leases

31.12.22

31.12.21

£

£

Within one year

219,648

219,648

Between one and five years

62,817

282,465

282,465

502,113

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2022 the directors owed the company £809,830 (2021: £822,332).

The loan bears interest at the official rate and has no fixed terms of repayment.