50 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 265,500 250,500 15,000 15,000 xbrli:pure xbrli:shares iso4217:GBP 04893036 2022-04-01 2023-03-31 04893036 2023-03-31 04893036 2022-03-31 04893036 2021-04-01 2022-03-31 04893036 2022-03-31 04893036 2021-03-31 04893036 core:FurnitureFittings 2022-04-01 2023-03-31 04893036 bus:Director1 2022-04-01 2023-03-31 04893036 core:NetGoodwill 2023-03-31 04893036 core:FurnitureFittings 2022-03-31 04893036 core:FurnitureFittings 2023-03-31 04893036 core:WithinOneYear 2023-03-31 04893036 core:WithinOneYear 2022-03-31 04893036 core:AfterOneYear 2023-03-31 04893036 core:AfterOneYear 2022-03-31 04893036 core:ShareCapital 2023-03-31 04893036 core:ShareCapital 2022-03-31 04893036 core:RetainedEarningsAccumulatedLosses 2023-03-31 04893036 core:RetainedEarningsAccumulatedLosses 2022-03-31 04893036 core:BetweenOneFiveYears 2023-03-31 04893036 core:BetweenOneFiveYears 2022-03-31 04893036 core:NetGoodwill 2022-03-31 04893036 core:FurnitureFittings 2022-03-31 04893036 bus:SmallEntities 2022-04-01 2023-03-31 04893036 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04893036 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04893036 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04893036 bus:FullAccounts 2022-04-01 2023-03-31 04893036 core:NetGoodwill 2022-04-01 2023-03-31 04893036 core:OfficeEquipment 2022-04-01 2023-03-31 04893036 core:OfficeEquipment 2023-03-31 04893036 core:OfficeEquipment 2022-03-31 04893036 bus:Director1 1 2022-04-01 2023-03-31 04893036 core:KeyManagementPersonnel 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 04893036
Acclaim Recruitment Limited
Filleted Unaudited Financial Statements
31 March 2023
Acclaim Recruitment Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Acclaim Recruitment Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
15,000
15,000
Tangible assets
6
6,525
8,156
--------
--------
21,525
23,156
Current assets
Debtors
7
281,836
259,195
Cash at bank and in hand
24,787
---------
---------
281,836
283,982
Creditors: amounts falling due within one year
8
275,435
270,238
---------
---------
Net current assets
6,401
13,744
--------
--------
Total assets less current liabilities
27,926
36,900
Creditors: amounts falling due after more than one year
9
23,274
33,206
Provisions
Taxation including deferred tax
1,630
2,038
--------
--------
Net assets
3,022
1,656
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,922
1,556
-------
-------
Shareholders funds
3,022
1,656
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Acclaim Recruitment Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr A J Padgett
Director
Company registration number: 04893036
Acclaim Recruitment Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts in respect of services performed during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 Years Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 50 (2022: 58 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
265,500
---------
Amortisation
At 1 April 2022 and 31 March 2023
250,500
---------
Carrying amount
At 31 March 2023
15,000
---------
At 31 March 2022
15,000
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
43,703
1,023
44,726
--------
-------
--------
Depreciation
At 1 April 2022
36,396
174
36,570
Charge for the year
1,461
170
1,631
--------
-------
--------
At 31 March 2023
37,857
344
38,201
--------
-------
--------
Carrying amount
At 31 March 2023
5,846
679
6,525
--------
-------
--------
At 31 March 2022
7,307
849
8,156
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
197,664
223,561
Other debtors
84,172
35,634
---------
---------
281,836
259,195
---------
---------
Included in trade debtors is £133,485 (2021: £195,754) of book debts purchased by HSBC Invoice Finance (UK) Limited. The factor has full recourse on the company for unpaid debts.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,292
9,687
Trade creditors
15,545
15,000
Corporation tax
44,590
42,713
Social security and other taxes
88,548
90,487
Other creditors
111,460
112,351
---------
---------
275,435
270,238
---------
---------
Included in other creditors is £83,913 (2022: £65,960) of monies received in advance by the company from HSBC Invoice Finance (UK) Limited which is secured over the book debts purchased by the factor. The factor has full recourse on the company for unpaid debts.
Bank overdrafts of £5,360 are secured by way of a fixed and floating charge over all assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,274
33,206
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,124
1,124
Later than 1 year and not later than 5 years
19,710
20,834
--------
--------
20,834
21,958
--------
--------
11. Directors' advances, credits and guarantees
During the year a director made repayments of £52,251 and received advances of £101,038. Interest was charged on the loan amounting to £689 (2022: £0). At the year end the director owed the company £60,636 (2022: £11,849).
12. Related party transactions
At the year end the company owed £35 (2022: £35) to a director.