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Team Recruitment (Oxford) Limited
Filleted accounts
31 March 2023
Company registration number: 05060035
Team Recruitment (Oxford) Limited
Directors and other information
Director G C A Merry
Secretary A Merry
Company number 05060035
Registered office 51 Benmead Road
Kidlington
Oxon
OX5 2DB
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Team Recruitment (Oxford) Limited
Balance sheet
31st March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,256 1,571
_______ _______
1,256 1,571
Current assets
Debtors 6 35 4,310
Cash at bank and in hand 580 202
_______ _______
615 4,512
Creditors: amounts falling due
within one year 7 ( 23,695) ( 25,942)
_______ _______
Net current liabilities ( 23,080) ( 21,430)
_______ _______
Net liabilities ( 21,824) ( 19,859)
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account ( 21,924) ( 19,959)
_______ _______
Shareholders deficit ( 21,824) ( 19,859)
_______ _______
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.
Director's 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 director acknowledges 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
G C A Merry
Director
Company registration number: 05060035
Team Recruitment (Oxford) Limited
Notes to the financial statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 51 Benmead Road, Kidlington, Oxon, OX5 2DB. There was no significant change in the company's principal activity during the year which continued to be that of recruitment consultants .
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. The principal accounting policies are set out below.The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At 31st March 2023 the company had a deficiency of assets amounting to £21,824 (2022: £19,859) after taking into consideration a loan from the director totalling £21,227 (2022: £24,389). The company is reliant upon the financial support of its director who has indicated that this will be continued for at least a further twelve months from the date of approval of these accounts. In light of this continued support, the financial statements have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, 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 not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - Reducing balance basis at 25% per annum
Computer equipment - Straight line basis at 25% per annum
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1st April 2022 2,571
Additions 535
Disposals ( 803)
_______
At 31st March 2023 2,303
_______
Depreciation
At 1st April 2022 1,000
Charge for the year 850
Disposals ( 803)
_______
At 31st March 2023 1,047
_______
Carrying amount
At 31st March 2023 1,256
_______
At 31st March 2022 1,571
_______
6. Debtors
2023 2022
£ £
Trade debtors - 4,275
Other debtors 35 35
_______ _______
35 4,310
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 1,534 596
Other creditors 22,161 25,346
_______ _______
23,695 25,942
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Controlling party
The company is under the control of G C A Merry , who owns 76% of the issued share capital.