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Company registration number: 10576095
Porterhouse Recruitment Limited
Unaudited filleted financial statements
31 January 2024
Porterhouse Recruitment Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Porterhouse Recruitment Limited
Directors and other information
Directors
Mrs Dawn Weller
Company number 10576095
Registered office 83 High Street
Hemel Hempstead
Herts
HP1 3AH
Accountants Hicks and Company
Chartered Accountants
83 High Street
Hemel Hempstead
Herts
HP1 3AH
Porterhouse Recruitment Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Porterhouse Recruitment Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Porterhouse Recruitment Limited for the year ended 31 January 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Porterhouse Recruitment Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Porterhouse Recruitment Limited and state those matters that we have agreed to state to the board of directors of Porterhouse Recruitment Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Porterhouse Recruitment Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Porterhouse Recruitment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Porterhouse Recruitment Limited. You consider that Porterhouse Recruitment Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Porterhouse Recruitment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
83 High Street
Hemel Hempstead
Herts
HP1 3AH
21 February 2024
Porterhouse Recruitment Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 6 13,814 15,897
Cash at bank and in hand 124,467 109,243
_______ _______
138,281 125,140
Creditors: amounts falling due
within one year 7 ( 29,945) ( 31,696)
_______ _______
Net current assets 108,336 93,444
_______ _______
Total assets less current liabilities 108,336 93,444
_______ _______
Net assets 108,336 93,444
_______ _______
Capital and reserves
Called up share capital 50 50
Share premium account - ( 58,468)
Profit and loss account 108,286 151,862
_______ _______
Shareholders funds 108,336 93,444
_______ _______
For the year ending 31 January 2024 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mrs Dawn Weller
Director
Company registration number: 10576095
Porterhouse Recruitment Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 February 2022 50 - 112,829 112,879
Profit for the year 79,933 79,933
_______ _______ _______ _______
Total comprehensive income for the year - - 79,933 79,933
Dividends paid and payable ( 40,900) ( 40,900)
Redemption of shares - ( 58,468) - ( 58,468)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 58,468) ( 40,900) ( 99,368)
_______ _______ _______ _______
At 31 January 2023 and 1 February 2023 50 - 93,395 93,445
Profit for the year 62,041 62,041
_______ _______ _______ _______
Total comprehensive income for the year - - 62,041 62,041
Dividends paid and payable ( 47,150) ( 47,150)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 47,150) ( 47,150)
_______ _______ _______ _______
At 31 January 2024 50 - 108,286 108,336
_______ _______ _______ _______
Porterhouse Recruitment Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 83 High Street, Hemel Hempstead, Herts, HP1 3AH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % straight line
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2023 and 31 January 2024 1,873 1,873
_______ _______
Depreciation
At 1 February 2023 and 31 January 2024 1,873 1,873
_______ _______
Carrying amount
At 31 January 2024 - -
_______ _______
At 31 January 2023 - -
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 10,214 12,195
Other debtors 3,600 3,702
_______ _______
13,814 15,897
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 16,830 18,838
Social security and other taxes 12,055 11,895
Other creditors 1,060 963
_______ _______
29,945 31,696
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
- - -
Mrs Dawn Weller ( 23) ( 41) ( 64)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
( 150) 150 -
Mrs Dawn Weller (139) 117 (22)
_______ _______ _______
( 289) 267 ( 22)
_______ _______ _______