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Registration number: 05223909

Edstaff Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Edstaff Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Edstaff Limited

Company Information

Directors

Mrs Mary Long

Mrs Mary Langshaw

Registered office

10 High Street
Newton-Le-Willows
Merseyside
WA12 9SN

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Edstaff Limited

(Registration number: 05223909)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

154,552

141,588

Current assets

 

Debtors

5

98,582

97,227

Cash at bank and in hand

 

83,164

92,649

 

181,746

189,876

Creditors: Amounts falling due within one year

6

(107,955)

(124,685)

Net current assets

 

73,791

65,191

Total assets less current liabilities

 

228,343

206,779

Creditors: Amounts falling due after more than one year

6

(117,578)

(137,152)

Net assets

 

110,765

69,627

capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

110,763

69,625

Shareholders' funds

 

110,765

69,627

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

 

Edstaff Limited

(Registration number: 05223909)
Balance Sheet as at 31 August 2023

.........................................
Mrs Mary Long
Director

.........................................
Mrs Mary Langshaw
Director

 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 High Street
Newton-Le-Willows
Merseyside
WA12 9SN
England

These financial statements were authorised for issue by the Board on 20 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Covid-19 pandemic has had an adverse effect on the business due to the nature of its trade and this has continued into the next financial year. Despite this the company is starting to see an upturn in trade and hope to see a return to normal trading conditions in coming months. The directors believe that the company's approach to mitigating the risks, including control of overheads and accessing financial support measures employed by the government in response to the pandemic, will help to reduce the financial impact. On this basis the directors consider that it remains appropriate to prepare the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

0%

Plant & Machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 69 (2022 - 41).

 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

139,500

-

22,134

161,634

Additions

-

13,995

242

14,237

At 31 August 2023

139,500

13,995

22,376

175,871

Depreciation

At 1 September 2022

-

-

20,046

20,046

Charge for the year

-

700

573

1,273

At 31 August 2023

-

700

20,619

21,319

Carrying amount

At 31 August 2023

139,500

13,295

1,757

154,552

At 31 August 2022

139,500

-

2,088

141,588

Included within the net book value of land and buildings above is £139,500 (2022 - £139,500) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

89,712

88,357

Other debtors

8,870

8,870

 

98,582

97,227

 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,776

14,062

Trade creditors

 

599

223

Taxation and social security

 

87,832

104,813

Accruals and deferred income

 

1,100

2,851

Other creditors

 

3,648

2,736

 

107,955

124,685

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

117,578

137,152

2023
£

2022
£

Due after more than five years

After more than five years by instalments

11,116

16,969

-

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Edstaff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

99,596

109,105

Other borrowings

17,982

28,047

117,578

137,152

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,293

5,165

Other borrowings

9,483

8,897

14,776

14,062

Bank borrowings

Bounce Back Loan is denominated in with a nominal interest rate of 2.5%, and the final instalment is due on 10 June 2030. The carrying amount at year end is £38,970 (2022 - £44,135).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in June 2020. It is repayable over 10 years and interest is charged at 2.5% per annum for the duration of the loan. No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan as a Business Interruption Payment.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Repayable by instalments in more than 5 years £11,116 (2022: £16,969)

A portion of the bank borrowings are secured against the land and buildings held by the company and the directors have also provided personal guarantees in relation to a portion of the bank borrowings.