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COMPANY REGISTRATION NUMBER: 13507017
Kingsley Green Recruitment Limited
Filleted Unaudited Financial Statements
31 July 2023
Kingsley Green Recruitment Limited
Statement of Financial Position
31 July 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Intangible assets
5
1,032
1,372
Tangible assets
6
49,259
62,807
--------
--------
50,291
64,179
Current assets
Debtors
7
496,028
261,879
Cash at bank and in hand
276,524
304,016
---------
---------
772,552
565,895
Creditors: amounts falling due within one year
8
676,677
494,777
---------
---------
Net current assets
95,875
71,118
---------
---------
Total assets less current liabilities
146,166
135,297
Creditors: amounts falling due after more than one year
9
47,022
54,606
Provisions
12,315
15,702
---------
---------
Net assets
86,829
64,989
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
86,729
64,889
--------
--------
Shareholders funds
86,829
64,989
--------
--------
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 comprehensive income has not been delivered.
For the 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 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 .
Kingsley Green Recruitment Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
C Hurst
Director
Company registration number: 13507017
Kingsley Green Recruitment Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 63-66 Hatton Garden, Fifth Floor Suite 23, London, EC1N 8LE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements are prepared in Sterling, the functional currency of the entity.
Going concern
The directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis based on the profits generated in the period and the net asset position at the balance sheet date. The shareholders have also pledged full financial support for at least twelve months from the approval of these financial statements. The directors are monitoring the current Ukraine crisis, however due to the reduced state of activity of the Company, are not aware of any material impact on these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for recruitment consultancy services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the candidate placement has taken place, adjusted for any rebates.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website design
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
Equipment
-
Office equipment
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. Loans and receivables Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are initially recognized at fair value and are subsequently measured using the effective interest method less provision for any impairment. Financial liabilities and equity instruments Financial liabilities and equity 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. Other financial liabilities (including borrowing and trade and other payables) are initially recognized at fair value and subsequently measured at amortised cost using the effective interest method .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 4 ).
5. Intangible assets
Intangible asset user defined 1
£
Cost
At 1 August 2022 (as restated) and 31 July 2023
1,700
-------
Amortisation
At 1 August 2022
328
Charge for the year
340
-------
At 31 July 2023
668
-------
Carrying amount
At 31 July 2023
1,032
-------
At 31 July 2022
1,372
-------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2022 (as restated)
60,255
9,807
70,062
Additions
4,323
4,323
--------
--------
--------
At 31 July 2023
60,255
14,130
74,385
--------
--------
--------
Depreciation
At 1 August 2022
6,244
1,011
7,255
Charge for the year
13,503
4,368
17,871
--------
--------
--------
At 31 July 2023
19,747
5,379
25,126
--------
--------
--------
Carrying amount
At 31 July 2023
40,508
8,751
49,259
--------
--------
--------
At 31 July 2022
54,011
8,796
62,807
--------
--------
--------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
424,164
231,243
Other debtors
71,864
30,636
---------
---------
496,028
261,879
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
151,356
24,326
Corporation tax
144,810
71,709
Social security and other taxes
56,856
93,670
Other creditors
323,655
305,072
---------
---------
676,677
494,777
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
47,022
54,606
--------
--------
10. Prior period errors
In the prior year deferred income was overstated by £131,348.75 and consequently the corporation tax charge and liability was understated by £31,992.21. In the prior year the Directors loan account was understated £14,025 and consequently S455 is payable of £4,548.1. A prior year adjustment has been recognised in the financial year 2022 which has the impact of increasing the profit after tax by £113,381.54.
11. Other financial commitments
The company had no financial or other commitments or contracts for capital expenditure in place as at the reporting date.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C Hurst
13,476
549
14,025
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C Hurst
13,476
13,476
----
--------
--------
13. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
14. Controlling party
The entity was under the control of the directors throughout the period.