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Company Registration No. 09788426 (England and Wales)
Fifth Element Recruitment Ltd Unaudited accounts for the year ended 31 March 2023
Fifth Element Recruitment Ltd Unaudited accounts Contents
Page
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Fifth Element Recruitment Ltd Company Information for the year ended 31 March 2023
Director
Mr C R Barclay
Company Number
09788426 (England and Wales)
Registered Office
Minstal House Kingfisher Way Silverlink Business Park Newcastle Upon Tyne NE28 9NX
Accountants
ABLM Associates 1 Werrington Mews Church Street, Werrington Peterborough Cambridgeshire PE4 6GJ
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Fifth Element Recruitment Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
174 
Current assets
Debtors
340,888 
334,718 
Cash at bank and in hand
46,550 
26,036 
387,438 
360,754 
Creditors: amounts falling due within one year
(406,595)
(537,313)
Net current liabilities
(19,157)
(176,559)
Total assets less current liabilities
(19,157)
(176,385)
Creditors: amounts falling due after more than one year
(36,667)
(46,666)
Net liabilities
(55,824)
(223,051)
Capital and reserves
Called up share capital
50 
50 
Profit and loss account
(55,874)
(223,101)
Shareholders' funds
(55,824)
(223,051)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 November 2023 and were signed on its behalf by
Mr C R Barclay Director Company Registration No. 09788426
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Fifth Element Recruitment Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Fifth Element Recruitment Ltd is a private company, limited by shares, registered in England and Wales, registration number 09788426. The registered office is Minstal House Kingfisher Way, Silverlink Business Park, Newcastle Upon Tyne, NE28 9NX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery
over 4 years
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.
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Fifth Element Recruitment Ltd Notes to the Accounts for the year ended 31 March 2023
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2022
2,488 
At 31 March 2023
2,488 
Depreciation
At 1 April 2022
2,314 
Charge for the year
174 
At 31 March 2023
2,488 
Net book value
At 31 March 2023
- 
At 31 March 2022
174 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
264,976 
243,729 
Other debtors
75,912 
90,989 
340,888 
334,718 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
103,623 
290,938 
Trade creditors
11,929 
5,101 
Taxes and social security
84,204 
127,749 
Other creditors
206,839 
113,525 
406,595 
537,313 
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Fifth Element Recruitment Ltd Notes to the Accounts for the year ended 31 March 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
36,667 
46,666 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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