Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseOther activities of employment placement agencies, Temporary employment agency activities44falsetrue 04087990 2022-04-01 2023-03-31 04087990 2021-04-01 2022-03-31 04087990 2023-03-31 04087990 2022-03-31 04087990 c:Director1 2022-04-01 2023-03-31 04087990 d:OfficeEquipment 2023-03-31 04087990 d:OfficeEquipment 2022-03-31 04087990 d:ComputerEquipment 2022-04-01 2023-03-31 04087990 d:CurrentFinancialInstruments 2023-03-31 04087990 d:CurrentFinancialInstruments 2022-03-31 04087990 d:CurrentFinancialInstruments 1 2023-03-31 04087990 d:CurrentFinancialInstruments 1 2022-03-31 04087990 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04087990 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04087990 d:ShareCapital 2023-03-31 04087990 d:ShareCapital 2022-03-31 04087990 d:RetainedEarningsAccumulatedLosses 2023-03-31 04087990 d:RetainedEarningsAccumulatedLosses 2022-03-31 04087990 c:FRS102 2022-04-01 2023-03-31 04087990 c:Audited 2022-04-01 2023-03-31 04087990 c:FullAccounts 2022-04-01 2023-03-31 04087990 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04087990 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 04087990







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


SWAN IT RECRUITMENT LIMITED






































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SWAN IT RECRUITMENT LIMITED
REGISTERED NUMBER:04087990



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
821,815
829,761

Cash at bank and in hand
  
48,644
11,969

  
870,459
841,730

Creditors: amounts falling due within one year
 6 
(408,797)
(528,540)

Net current assets
  
 
 
461,662
 
 
313,190

Total assets less current liabilities
  
461,662
313,190

  

Net assets
  
461,662
313,190


Capital and reserves
  

Called up share capital 
  
1,111
1,111

Profit and loss account
  
460,551
312,079

  
461,662
313,190


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S M Gallagher
Director

Date: 21 December 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


SWAN IT RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Swan IT Recruitment Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. Its registered office is 48 Warwick Street, London, W1B 5NL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Notwithstanding the profit before tax of £137,713 (2022: £15,207), the company has net assets of £461,662  (2022: £313,190) and the financial statements have been prepared on a going concern basis which the director believes to be appropriate for the following reason. The company has in place an Invoice Discounting facility which enables the company to continue in operational existence and is also supported by the company's ultimate parent company, ITHR Group Plc, which has provided the company with an undertaking that it will, for at least 12 months from the date of approval of these financial statements, continue to make such funds as are needed by the company. In addition, the ultimate parent company, ITHR Group plc has given an undertaking not to call on the outstanding intercompany balance until such time as the company has the ability to make such a repayment. The director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

 
2.3

Revenue

The revenue shown in the profit and loss account represents amounts receivable for services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Contract and temporary fee revenue is billed on receipt of an approved timesheet.
Permanent introduction fees are recognised for each placement with due regard to milestones agreed to with the client. These milestones generally relate to the candidate’s length of service at their placement.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 2

 


SWAN IT RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


SWAN IT RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
2 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
480



At 31 March 2023

480



Depreciation


At 1 April 2022
480



At 31 March 2023

480



Net book value



At 31 March 2023
-



At 31 March 2022
-

Page 4

 


SWAN IT RECRUITMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
651,915
467,398

Amounts owed by group undertakings
133,577
348,616

Other debtors
26,785
11,509

Prepayments and accrued income
9,538
2,238

821,815
829,761



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
261,426
167,517

Corporation tax
-
10,759

Other taxation and social security
7,490
3,978

Invoice finance
111,917
151,786

Other creditors
646
18,272

Accruals and deferred income
27,318
176,228

408,797
528,540


There is an unlimited inter-group cross guarantee over the assets of the group between the Company, its parent company and fellow subsidiary companies, and a personal guarantee was provided by Mr S Gallagher. At the reporting date, the group as a whole had a net debtor balance of £884,791 (2022 - net debtor balance of £63,536) on the invoice discounting facility.


7.


Controlling party

The smallest group in which the results of the Company are consolidated is that headed by ITHR Group Plc, incorporated in the UK. The registered office of ITHR Group Plc is the same as this Company.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 22 December 2023 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5