Hayes Staff Recruitment Limited
Annual Report and Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 02531754 (England and Wales)
Hayes Staff Recruitment Limited
Company Information
Directors
F.A. May
N.T. May
Secretary
N.T. May
Company number
02531754
Registered office
1 Redford Way
Uxbridge
UB8 1SZ
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Bankers
Lloyds Bank Plc
21 High Street
Uxbridge
Middlesex
UB8 1JD
Hayes Staff Recruitment Limited
Contents
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 11
Hayes Staff Recruitment Limited
Directors' Report
For the year ended 30 November 2023
Page 1
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activities of the company throughout the year continued to be employment and recruitment consultants.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
F.A. May
N.T. May
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
N.T. May
Secretary
10 April 2024
Hayes Staff Recruitment Limited
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Hayes Staff Recruitment Limited for the year ended 30 November 2023
Page 2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hayes Staff Recruitment Limited for the year ended 30 November 2023 which comprise the profit and loss account, the balance sheet and the 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 https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Hayes Staff Recruitment Limited, as a body, in accordance with the terms of our engagement letter dated 27 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Hayes Staff Recruitment Limited and state those matters that we have agreed to state to the Board of Directors of Hayes Staff 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 Hayes Staff Recruitment Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Hayes Staff 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 Hayes Staff Recruitment Limited. You consider that Hayes Staff 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 Hayes Staff 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.
Moore Kingston Smith LLP
11 April 2024
Chartered Accountants
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Hayes Staff Recruitment Limited
Profit and Loss Account
For the year ended 30 November 2023
Page 3
2023
2022
£
£
Turnover
2,901,945
2,119,432
Cost of sales
(2,361,707)
(1,732,321)
Gross profit
540,238
387,111
Administrative expenses
(388,141)
(397,610)
Other operating income
30,758
Operating profit
152,097
20,259
Interest payable and similar expenses
(10,999)
(18,489)
Profit before taxation
141,098
1,770
Tax on profit
Profit for the financial year
141,098
1,770
Hayes Staff Recruitment Limited
Balance Sheet
As at 30 November 2023
30 November 2023
Page 4
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,500
7,785
Current assets
Debtors
4
281,087
291,289
Cash at bank and in hand
99
67
281,186
291,356
Creditors: amounts falling due within one year
5
(373,333)
(516,229)
Net current liabilities
(92,147)
(224,873)
Total assets less current liabilities
(86,647)
(217,088)
Creditors: amounts falling due after more than one year
6
(74,582)
(85,239)
Net liabilities
(161,229)
(302,327)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(161,329)
(302,427)
Total equity
(161,229)
(302,327)
Hayes Staff Recruitment Limited
Balance Sheet (Continued)
As at 30 November 2023
30 November 2023
Page 5
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
F.A. May
N.T. May
Director
Director
Company Registration No. 02531754
Hayes Staff Recruitment Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 6
1
Accounting policies
Company information
Hayes Staff Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Redford Way, Uxbridge, UB8 1SZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit for the year of £141,098 (2022 : £true1,770) and as at 30 November 2023 had net liabilities of £161,229.
The company is financed through a bank loan, overdraft facility and shareholder loans. Based on current trading and projections the directors expect to be able to operate within the agreed bank facility and will continue to provide financial support to the business, as required. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Hayes Staff Recruitment Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 7
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments 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.
Hayes Staff Recruitment Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 8
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Hayes Staff Recruitment Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 9
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised 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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
Hayes Staff Recruitment Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
11,424
Depreciation and impairment
At 1 December 2022
3,639
Depreciation charged in the year
2,285
At 30 November 2023
5,924
Carrying amount
At 30 November 2023
5,500
At 30 November 2022
7,785
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
276,992
279,962
Other debtors
41
41
Prepayments and accrued income
4,054
11,286
281,087
291,289
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
45,461
173,079
Trade creditors
66,460
75,248
Taxation and social security
167,720
171,331
Other creditors
3,369
20,400
Accruals and deferred income
90,323
76,171
373,333
516,229
The amounts owed to the bank are secured by legal charges over assets held by the directors. The company has also provided security to the bank in the form of a debenture and mortgage deed over the assets of the company.
Hayes Staff Recruitment Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 11
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
Other creditors
59,582
60,239
74,582
85,239
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
27,250
28,110
Between two and five years
38,604
65,855
65,854
93,965
9
Related party transactions
At the year end the directors were owed £59,582 (2022: £60,239) by the company.
The directors have given personal guarantees to Lloyds TSB and provided personal assets as security in respect of bank borrowings.
10
Controlling party
The company is controlled by the directors by virtue of their 100% shareholding.
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