Company Registration No. 14019133 (England and Wales)
Hourglass Staffing Limited
Unaudited financial statements
for the year ended 30 September 2023
Pages for filing with the registrar
Hourglass Staffing Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Hourglass Staffing Limited
Statement of financial position
As at 30 September 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
270,868
52,836
Cash at bank and in hand
8,273
2,283
279,141
55,119
Creditors: amounts falling due within one year
5
(414,756)
(127,675)
Net current liabilities
(135,615)
(72,556)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(135,715)
(72,656)
Total equity
(135,615)
(72,556)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 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 11 April 2024 and are signed on its behalf by:
Dean Covill
Director
Company Registration No. 14019133
Hourglass Staffing Limited
Notes to the financial statements
For the year ended 30 September 2023
2
1
Accounting policies
Company information
Hourglass Staffing Limited is a private company limited by shares incorporated in England and Wales. The registered office is National House, 60-66 Wardour Street, London, England, W1F 0TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
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 as the parent company and its trading company. Tripod Partners Limited will provide financial support for a period of 12 months from the date of signing the financial statements. Thus 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 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.
Turnover from contractor placements, representing fees billed for the services of contractors including their costs, is recognised when the service has been provided.
1.4
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.
1.5
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 statement of financial position 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.
Hourglass Staffing Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
3
Basic financial assets
Basic financial assets, which include debtors, 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.
Derecognition of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Hourglass Staffing Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
4
2
Turnover
In the year to 30 September 2023, 100% (2022: 100%) of the Company's turnover was in relation to services performed in the UK.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,745
51,501
Amounts owed by group undertakings
177,123
Other debtors
1,335
270,868
52,836
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
865
1,247
Trade creditors
3,396
3,395
Amounts owed to group undertakings
378,655
112,495
Taxation and social security
31,326
10,538
Other creditors
514
414,756
127,675
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.01p each
10,000
10,000
100
100
Hourglass Staffing Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
5
7
Related party transactions
During the year the company entering into the following transactions with related parties:
Sales of £146,096 have been received from Tripod Partners Limited, a fellow subsidiary undertaking.
At the year end, an £85,000 loan and a £293,655 outstanding recharge is owed to Tripod Partners Limited. These amounts are both repayable on demand and non-interest bearing. They has been included as amounts due to group undertakings in Note 4. £178,995 is due from Tripod Partners Limited at the year end and this is reported within Note 3.
8
Parent company
The ultimate parent company is Tripod Group Limited, by virtue of its 100% ownership of the company. Copies of the consolidated financial statements can be obtained from its registered office at National House, Wardour Street, London, W1F OTA.