Centre People Appointments Ltd |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover arising from the placement of a permanent candidates services, is recognised at the point in time the candidate commences full-time employment. Where a candidate starts employment but does not work for the specified contractual period, a provision is made in respect of the required refund or credit note due to the client. The revenue recognised from a permanent placement is typically based on a percentage of the candidates remuneration package. Turnover arising from temporary placement services, is recognised at the point in time that temporary workers are placed. Where the company is acting as a principal, turnover represents the amount billed for the services of the temporary workers, including the remuneration costs of the temporary workers. The commission included within the revenue recognised arsising from temporary placements is typically based on a percentage of the placement hourly rate. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease period |
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Plant and machinery |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Employee benefits |
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The cost of short term employee benefits are recognised as a liability and as an expense. The cost of any unused holiday entitlement is recongised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
George Christou |
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Firm: |
CK Partnership Ltd |
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Date of audit report: |
28 March 2024 |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
18 |
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14 |
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4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
78,571 |
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153,629 |
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232,200 |
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Additions |
- |
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4,817 |
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4,817 |
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At 31 December 2023 |
78,571 |
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158,446 |
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237,017 |
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Depreciation |
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At 1 January 2023 |
64,645 |
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105,938 |
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170,583 |
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Charge for the year |
9,831 |
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12,777 |
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22,608 |
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At 31 December 2023 |
74,476 |
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118,715 |
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193,191 |
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Net book value |
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At 31 December 2023 |
4,095 |
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39,731 |
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43,826 |
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At 31 December 2022 |
13,926 |
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47,691 |
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61,617 |
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5 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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Additions |
89 |
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At 31 December 2023 |
89 |
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6 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
167,507 |
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150,449 |
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Other debtors |
292,732 |
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130,058 |
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460,239 |
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280,507 |
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Amounts due after more than one year included above |
- |
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23,138 |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
38,660 |
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79,103 |
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Taxation and social security costs |
323,518 |
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243,600 |
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Other creditors |
494,708 |
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415,511 |
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856,886 |
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738,214 |
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8 |
Capital redemption reserve |
2023 |
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2022 |
£ |
£ |
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At 1 January 2023 |
9,500 |
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9,500 |
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At 31 December 2023 |
9,500 |
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9,500 |
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9 |
Other financial commitments |
2023 |
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2022 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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28,922 |
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98,336 |
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10 |
Parent company |
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The company's parent company is Quick Co Limited, a public limited company incorporated in Japan and listed on the Tokyo Stock Exchange. The parent's financial statements are available upon request from 16F, Osaka Fukoku Seimei Building, 2-4, Komatsubaracho, Kita-ku, Osaka 530-0018 Japan. |
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11 |
Other information |
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Centre People Appointments Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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80 Cheapside |
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London |
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EC2V 6EE |