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Company registration number: 09954870
Essential Staffing Ltd
Unaudited filleted financial statements
31 March 2023
Essential Staffing Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Essential Staffing Ltd
Directors and other information
Directors
Mrs Laura Derkevica
Mrs Sue Epton
Company number 09954870
Registered office 75 High Street
Boston
Lincolnshire
PE21 8SX
Business address 18 Brothertoft Road
Boston
Lincs
PE21 8HD
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE218SX
Essential Staffing Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Essential Staffing Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Essential Staffing Ltd for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Essential Staffing Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Essential Staffing Ltd and state those matters that we have agreed to state to the board of directors of Essential Staffing Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Essential Staffing Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Essential Staffing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Essential Staffing Ltd. You consider that Essential Staffing Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Essential Staffing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE218SX
25 September 2023
Essential Staffing Ltd
Statement of financial position
31 March 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,489 5,985
_______ _______
4,489 5,985
Current assets
Debtors 6 160,665 454,666
Cash at bank and in hand 1,106,236 1,044,739
_______ _______
1,266,901 1,499,405
Creditors: amounts falling due
within one year 7 ( 363,519) ( 618,269)
_______ _______
Net current assets 903,382 881,136
_______ _______
Total assets less current liabilities 907,871 887,121
Provisions for liabilities ( 853) ( 1,137)
_______ _______
Net assets 907,018 885,984
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 906,918 885,884
_______ _______
Shareholders funds 907,018 885,984
_______ _______
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mrs Laura Derkevica
Director
Company registration number: 09954870
Essential Staffing Ltd
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. The address of the registered office is 75 High Street, Boston, Lincolnshire, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the amount receivable for services provided during the year net of value added tax.Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer and it is probable that associated economic benefits will flow to the company.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives based on a percentage of earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 130 (2022: 317 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 1,874 14,122 15,996
_______ _______ _______
Depreciation
At 1 April 2022 1,391 8,620 10,011
Charge for the year 121 1,375 1,496
_______ _______ _______
At 31 March 2023 1,512 9,995 11,507
_______ _______ _______
Carrying amount
At 31 March 2023 362 4,127 4,489
_______ _______ _______
At 31 March 2022 483 5,502 5,985
_______ _______ _______
6. Debtors
£ £
Trade debtors 125,688 391,995
Prepayments and accrued income 2,211 2,746
Other debtors 32,766 59,925
_______ _______
160,665 454,666
_______ _______
7. Creditors: amounts falling due within one year
£ £
Bank loans and overdrafts 30,000 30,000
Accruals and deferred income 97,885 186,201
Social security and other taxes 114,947 282,631
Director loan accounts 120,687 119,437
_______ _______
363,519 618,269
_______ _______
8. Called up share capital
Issued, called up and fully paid
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______