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SWAN IT RECRUITMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
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Basis of preparation of financial statements
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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:
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.
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.
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Foreign currency translation
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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.
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