Silverfin false false 31/07/2023 01/08/2022 31/07/2023 F A M Kenny 17/05/2020 L M McQuade 28/04/2021 K J Sadler 01/11/2019 M Stevenson 21/09/2022 01/05/2020 S M C Tumelty 08/07/2002 27 November 2023 The principal activity of the company was the continued expansion of the licensee program whereby the human resources consultancy spreads across the United Kingdom. 04479417 2023-07-31 04479417 bus:Director1 2023-07-31 04479417 bus:Director2 2023-07-31 04479417 bus:Director3 2023-07-31 04479417 bus:Director4 2023-07-31 04479417 bus:Director5 2023-07-31 04479417 2022-07-31 04479417 core:CurrentFinancialInstruments 2023-07-31 04479417 core:CurrentFinancialInstruments 2022-07-31 04479417 core:ShareCapital 2023-07-31 04479417 core:ShareCapital 2022-07-31 04479417 core:CapitalRedemptionReserve 2023-07-31 04479417 core:CapitalRedemptionReserve 2022-07-31 04479417 core:RetainedEarningsAccumulatedLosses 2023-07-31 04479417 core:RetainedEarningsAccumulatedLosses 2022-07-31 04479417 core:ComputerSoftware 2022-07-31 04479417 core:ComputerSoftware 2023-07-31 04479417 core:PlantMachinery 2022-07-31 04479417 core:FurnitureFittings 2022-07-31 04479417 core:PlantMachinery 2023-07-31 04479417 core:FurnitureFittings 2023-07-31 04479417 core:DeferredTaxation 2023-07-31 04479417 core:DeferredTaxation 2022-07-31 04479417 core:OtherProvisionsContingentLiabilities 2023-07-31 04479417 core:OtherProvisionsContingentLiabilities 2022-07-31 04479417 bus:OrdinaryShareClass1 2023-07-31 04479417 core:WithinOneYear 2023-07-31 04479417 core:WithinOneYear 2022-07-31 04479417 core:BetweenOneFiveYears 2023-07-31 04479417 core:BetweenOneFiveYears 2022-07-31 04479417 2022-08-01 2023-07-31 04479417 bus:FilletedAccounts 2022-08-01 2023-07-31 04479417 bus:SmallEntities 2022-08-01 2023-07-31 04479417 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04479417 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04479417 bus:Director1 2022-08-01 2023-07-31 04479417 bus:Director2 2022-08-01 2023-07-31 04479417 bus:Director3 2022-08-01 2023-07-31 04479417 bus:Director4 2022-08-01 2023-07-31 04479417 bus:Director5 2022-08-01 2023-07-31 04479417 core:ComputerSoftware core:TopRangeValue 2022-08-01 2023-07-31 04479417 core:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 04479417 core:PlantMachinery core:TopRangeValue 2022-08-01 2023-07-31 04479417 core:FurnitureFittings core:TopRangeValue 2022-08-01 2023-07-31 04479417 2021-08-01 2022-07-31 04479417 core:ComputerSoftware 2022-08-01 2023-07-31 04479417 core:PlantMachinery 2022-08-01 2023-07-31 04479417 core:FurnitureFittings 2022-08-01 2023-07-31 04479417 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 04479417 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04479417 (England and Wales)

THE HR DEPT LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

THE HR DEPT LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

THE HR DEPT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
THE HR DEPT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 400
Tangible assets 4 7,102 14,405
7,102 14,805
Current assets
Debtors 5 1,233,904 957,506
Cash at bank and in hand 469,439 351,178
1,703,343 1,308,684
Creditors: amounts falling due within one year 6 ( 1,137,984) ( 1,084,873)
Net current assets 565,359 223,811
Total assets less current liabilities 572,461 238,616
Provision for liabilities 7 ( 2,082) ( 3,999)
Net assets 570,379 234,617
Capital and reserves
Called-up share capital 8 80 80
Capital redemption reserve 2,970 2,970
Profit and loss account 567,329 231,567
Total shareholder's funds 570,379 234,617

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The HR Dept Limited (registered number: 04479417) were approved and authorised for issue by the Director on 27 November 2023. They were signed on its behalf by:

K J Sadler
Director
THE HR DEPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
THE HR DEPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The HR Dept Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Brook Office Park, Emersons Green, Bristol, BS16 7FL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Intangible assets

Computer software Total
£ £
Cost
At 01 August 2022 4,283 4,283
Disposals ( 4,283) ( 4,283)
At 31 July 2023 0 0
Accumulated amortisation
At 01 August 2022 3,883 3,883
Charge for the financial year 400 400
Disposals ( 4,283) ( 4,283)
At 31 July 2023 0 0
Net book value
At 31 July 2023 0 0
At 31 July 2022 400 400

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 August 2022 12,126 16,614 28,740
Additions 0 2,269 2,269
Disposals ( 1,433) ( 748) ( 2,181)
At 31 July 2023 10,693 18,135 28,828
Accumulated depreciation
At 01 August 2022 4,412 9,923 14,335
Charge for the financial year 3,851 5,638 9,489
Disposals ( 1,433) ( 665) ( 2,098)
At 31 July 2023 6,830 14,896 21,726
Net book value
At 31 July 2023 3,863 3,239 7,102
At 31 July 2022 7,714 6,691 14,405

5. Debtors

2023 2022
£ £
Trade debtors 135,179 116,353
Amounts owed by Group undertakings 1,037,262 785,736
Prepayments 61,463 55,417
1,233,904 957,506

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 44,849 47,013
Amounts owed to Group undertakings 980,989 921,106
Accruals 15,708 9,907
Taxation and social security 87,605 99,700
Other creditors 8,833 7,147
1,137,984 1,084,873

7. Provision for liabilities

2023 2022
£ £
Deferred tax 1,082 2,999
Other provisions 1,000 1,000
2,082 3,999

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80 Ordinary shares of £ 1.00 each 80 80

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 26,000 26,000
between one and five years 54,183 80,183
80,183 106,183

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,236 2,583

10. Related party transactions

The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.