Company registration number SC271607 (Scotland)
CONSTRUCTION & PROPERTY RECRUITMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CONSTRUCTION & PROPERTY RECRUITMENT LTD
COMPANY INFORMATION
Director
Mr D Wynn
Company number
SC271607
Registered office
6 St Colme Street
Edinburgh
EH3 6AD
Accountants
Geoghegans
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
Business address
4 Eyre Place
Edinburgh
EH3 5EP
CONSTRUCTION & PROPERTY RECRUITMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CONSTRUCTION & PROPERTY RECRUITMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 June 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
82,619
95,788
Current assets
Debtors
5
1,127,964
660,000
Cash at bank and in hand
92,919
47,008
1,220,883
707,008
Creditors: amounts falling due within one year
6
(901,865)
(620,655)
Net current assets
319,018
86,353
Total assets less current liabilities
401,637
182,141
Creditors: amounts falling due after more than one year
7
(6,000)
(36,000)
Provisions for liabilities
(18,837)
(22,146)
Net assets
376,800
123,995
Capital and reserves
Called up share capital
8
274
274
Profit and loss reserves
376,526
123,721
Total equity
376,800
123,995
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONSTRUCTION & PROPERTY RECRUITMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 November 2023
Mr D Wynn
Director
Company registration number SC271607 (Scotland)
CONSTRUCTION & PROPERTY RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Construction & Property Recruitment Ltd is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company shortened its accounting reference date from 30 June to 31 March as it wished to closer align its reporting period with the annual tax year. Therefore, the comparative amounts included in the financial statements and the related notes are not entirely comparable.
1.3
Turnover
Turnover represents amounts receivable for the sale of services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
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:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
10-20% 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.
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets 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.
CONSTRUCTION & PROPERTY RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CONSTRUCTION & PROPERTY RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
14
11
CONSTRUCTION & PROPERTY RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
112,414
Additions
1,270
At 31 March 2023
113,684
Depreciation and impairment
At 1 July 2022
16,626
Depreciation charged in the period
14,439
At 31 March 2023
31,065
Carrying amount
At 31 March 2023
82,619
At 30 June 2022
95,788
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,049,682
625,972
Other debtors
78,282
34,028
1,127,964
660,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
666,055
466,925
Trade creditors
8,537
7,370
Taxation and social security
197,505
129,016
Other creditors
29,768
17,344
901,865
620,655
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,000
36,000
CONSTRUCTION & PROPERTY RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Royal Bank of Scotland Plc hold a floating charge over the whole assets of the company.
RBS Invoice Finance Ltd also hold a floating charge over the whole assets of the company.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Allotted, called up and fully paid
26,800 Ordinary. shares of £0.01 each
268
268
1 Special A share of £1
1
1
1 Special B share of £1
1
1
1 Special C share of £1
1
1
1 Special D share of £1
1
1
1 Special F share of £1
1
1
1 Special G share of £1
1
1
274
274
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
48,000
68,250
10
Directors' transactions
Included in Other debtors is an amount of £43,688 (2022: £16,055) due from the director. Interest has been charged at 2% and there are no fixed terms of repayment.