Company Registration No. 05315604 (England and Wales)
Granite Recruitment Ltd
Unaudited accounts
for the year ended 31 December 2023
Granite Recruitment Ltd
Unaudited accounts
Contents
Granite Recruitment Ltd
Company Information
for the year ended 31 December 2023
Directors
M A Buchan
D H Duguid
C D Phillips
Company Number
05315604 (England and Wales)
Registered Office
Beacon Innovation Centre
Beacon Park
Gorleston-On-Sea
Great Yarmouth
Norfolk
NR31 7RA
England
Accountants
Hutcheon Mearns Limited
2 Queens Road
Aberdeen
AB15 4ZT
Granite Recruitment Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
8,289
3,503
Debtors
1,920,830
2,546,059
Cash at bank and in hand
14,512
5,907
Creditors: amounts falling due within one year
(1,203,601)
(1,799,081)
Net current assets
735,044
752,885
Total assets less current liabilities
743,333
756,388
Creditors: amounts falling due after more than one year
-
(9,425)
Net assets
743,333
746,963
Called up share capital
12
12
Revaluation reserve
17,232
17,232
Profit and loss account
726,089
729,719
Shareholders' funds
743,333
746,963
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by
M A Buchan
Director
Company Registration No. 05315604
Granite Recruitment Ltd
Notes to the Accounts
for the year ended 31 December 2023
Granite Recruitment Ltd is a private company, limited by shares, registered in England and Wales, registration number 05315604. The registered office is Beacon Innovation Centre, Beacon Park, Gorleston-On-Sea, Great Yarmouth, Norfolk, NR31 7RA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies.
The accounts are presented in £ sterling.
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have adopted the going concern basis of accounting in preparing the annual financial statements.
Foreign currency translation
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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probably that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Granite Recruitment Ltd
Notes to the Accounts
for the year ended 31 December 2023
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is provided on a following basis:
Fixtures & fittings
3 years Straight Line
Computer equipment
3 years Straight Line
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Granite Recruitment Ltd
Notes to the Accounts
for the year ended 31 December 2023
Trade debtors and other receivables
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade creditors and other payables
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measures subsequently at amortised cost using the effective interest method.
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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Distributions to equity holders
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
2,137
14,201
16,338
Disposals
-
(1,423)
(1,423)
At 31 December 2023
2,224
20,685
22,909
At 1 January 2023
2,137
10,698
12,835
Charge for the year
26
3,182
3,208
On disposals
-
(1,423)
(1,423)
At 31 December 2023
2,163
12,457
14,620
At 31 December 2023
61
8,228
8,289
At 31 December 2022
-
3,503
3,503
Amounts falling due within one year
Trade debtors
1,019,829
2,273,420
Amounts due from group undertakings etc.
668,813
78,182
Accrued income and prepayments
232,188
194,457
Granite Recruitment Ltd
Notes to the Accounts
for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
647,292
815,015
Trade creditors
35,480
18,030
Amounts owed to group undertakings and other participating interests
145,069
265,076
Taxes and social security
34,154
115,910
Other creditors
15,795
29,578
7
Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
-
9,425
The Company contributed to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,834 (2022: £1,449).
Contributions payable to the fund at the balance sheet date were £4,553 (2022: £85).
9
Transactions with related parties
During the Year Ended 31 December 2023, and the comparative Year Ended 31 December 2022 respectively, the Company entered into the following transactions with related parties:
Owners Holding a participating Interest
Opening Balance: (£261,092); £nil
Purchases: (£553,566); £nil
Net (Receipts) / Payments: £659,952; £nil
Net Loans (Received) / Advanced: £9,637; (£261,092)
Closing Balance: (£145,069); (£261,092)
Fellow Subsidiaries
Opening Balance: £76,182; £nil
Net Loans (Received) / Advanced: £90,511; £76,182
Closing Balance: £166,693; £76,182
Associates
Opening Balance: (£11,409); £nil
New Associate in Period: £620,275; £nil
Sales: £2,542,454; £nil
Purchases: (£5,556); £nil
Net (Receipts) / Payments: (£2,761,065); £nil
Net Loans (Received) / Advanced: £117,421; (£11,409)
Closing Balance: £502,120; (£11,409)
Granite Recruitment Ltd
Notes to the Accounts
for the year ended 31 December 2023
The Company's immediate parent company is Recruitment Ventures Limited, a company registered in the United Kingdom. The Company's ultimate parent undertaking is Indigo 7 Ventures Limited, a company registered in the United Kingdom. Indigo 7 Ventures Limited is controlled by a number of private individuals, all of whom own less than a 25% shareholding in the company.
11
Average number of employees
During the year the average number of employees was 5 (2022: 5).