Company No:
Contents
Note | 31.12.2021 | 30.11.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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613 | 1,278 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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226,174 | 119,474 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 49,971 | 61,412 | ||
Total assets less current liabilities | 50,584 | 62,690 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Codesource Recruitment Limited (registered number:
T Grondona
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Riverside Centre
63-67 High Street
TEDDINGTON
Middlesex
TW11 8HA
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A''), and with the Companies Act 2006.
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.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements
At the time of approval of the accounts, the UK is recovering from unprecedented challenges arising from the Covid-19 pandemic. Every decision that the directors are currently making is based upon ensuring that the business comes through this and the directors are confident that the business is currently well placed to continue successfully negotiating these unprecedented challenges.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Office equipment |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Period from 01.12.2020 to 31.12.2021 |
Year ended 30.11.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2020 |
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Additions |
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At 31 December 2021 |
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Accumulated depreciation | |||
At 01 December 2020 |
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Charge for the financial period |
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At 31 December 2021 |
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Net book value | |||
At 31 December 2021 |
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At 30 November 2020 |
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31.12.2021 | 30.11.2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.12.2021 | 30.11.2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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31.12.2021 | 30.11.2020 | ||
£ | £ | ||
Bank loans and overdrafts |
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Bank loans | |||
31.12.2021 | 30.11.2020 | ||
£ | £ | ||
Between two and five years |
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On demand or within one year |
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44,792 | 50,625 |
31.12.2021 | 30.11.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
31.12.2021 | 30.11.2020 | ||
£ | £ | ||
T Grondona | 28,932 | 36,200 | |
J N Mallejacq-Flynn | 60,250 | 38,232 |
During the year, advances of £16,500 (2020: £20,700) were made to T Grondona with repayments totalling £23,768 (2020: Nil). Advances of £60,250 (2020: £38,232) were made to J N Mallejacq-Flynn with repayments totalling £38,232 (2020: Nil).