Registered number
06332717
Minstrell Recruitment Limited
Unaudited Filleted Accounts
27 February 2023
Minstrell Recruitment Limited
Registered number: 06332717
Balance Sheet
as at 27 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,970 9,465
Current assets
Debtors 5 4,171,639 4,491,431
Cash at bank and in hand 35,040 85,492
4,206,679 4,576,923
Creditors: amounts falling due within one year 6 (5,075,178) (5,699,471)
Net current liabilities (868,499) (1,122,548)
Total assets less current liabilities (863,529) (1,113,083)
Provisions for liabilities (1,243) (1,798)
Net liabilities (864,772) (1,114,881)
Capital and reserves
Called up share capital 20,033 20,033
Profit and loss account (884,805) (1,134,914)
Shareholders' funds (864,772) (1,114,881)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A J Parish
Director
Approved by the board on 2 November 2023
Minstrell Recruitment Limited
Notes to the Accounts
for the year ended 27 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company depends upon its existing bank facilities to meet its day to day working capital requirements. Current trading and management projections indicate that the company expects to be able to operate within these facilities for the foreseeable future. Accordingly, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Turnover
Turnover comprises revenue recognised by the Company in respect of services supplied, exclusive of Value Added Tax. These consist of turnover from temporary placements, which represents amounts billed for the services of temporary staff including the salary cost of these staff. This is recognised when the service has been provided. Turnover from permanent placements is recognised at the date the placement actually starts.
Intangible fixed assets
Intangible assets are measured at cost less accumulative amortisation and any accumulated impairment losses. Intangible assets are being written off in equal annual instalments over their economic life of 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% - 33% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 23
3 Intangible fixed assets £
Goodwill:
Cost
At 28 February 2022 195,000
At 27 February 2023 195,000
Amortisation
At 28 February 2022 195,000
At 27 February 2023 195,000
Net book value
At 27 February 2023 -
Customer and supplier relationship intangible assets are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 February 2022 111,100
At 27 February 2023 111,100
Depreciation
At 28 February 2022 101,635
Charge for the year 4,495
At 27 February 2023 106,130
Net book value
At 27 February 2023 4,970
At 27 February 2022 9,465
5 Debtors 2023 2022
£ £
Trade debtors 2,713,988 2,950,907
Other debtors 1,457,651 1,540,524
4,171,639 4,491,431
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 256,153 1,114,856
Taxation and social security costs 1,921,458 1,508,954
Other creditors 2,897,567 3,075,661
5,075,178 5,699,471
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 2,431,222 2,650,252
Secured bank loans relate to monies due in relation to an invoice finance provider. These amounts are secured on the company's trade debtors and a fixed and floating charge debenture over all the assets of the company.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 178,400 81,147
9 Contingent liabilities
The company is currently in litigation with HMRC following their issuance of Kittel Notices. The potential liability in the event of a negative outcome for the company cannot be reliably estimated. An outcome is not expected until the Autumn of 2024.
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A J Parish
Interest free loan repayable on demand 317,562 156,861 - 474,423
317,562 156,861 - 474,423
11 Other information
Minstrell Recruitment Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite G.10, Clippers House
Clippers Quay
Salford Quays
Manchester
M50 3XP
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