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REGISTERED NUMBER: 06421894 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR


TRADELINE RECRUITMENT LTD


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

3



Statement of Directors' Responsibilities  

4



Report of the Independent Auditors  

5



Income Statement  

8



Other Comprehensive Income  

9



Balance Sheet  

10



Statement of Changes in Equity  

11



Cash Flow Statement  

12



Notes to the Cash Flow Statement  

13



Notes to the Financial Statements

14




TRADELINE RECRUITMENT LTD


COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023









DIRECTORS:

P Hill


S Eade







REGISTERED OFFICE:

230 - 231 Bedford Heights


Manton Lane


Bedford


Bedfordshire


MK41 7PH







REGISTERED NUMBER:

06421894 (England and Wales)







AUDITORS:

Ad Valorem Audit Services Limited


Chartered Certified Accountants


2 Manor Farm Court


Old Wolverton Road


Old Wolverton


Buckinghamshire


MK12 5NN


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023



The directors present their strategic report for the year ended 31 December 2023.


REVIEW OF BUSINESS

The principle activity continues to be that of a recruitment agency.


Tradeline Recruitment Limited achieved sales of £31,151,931 (2022 : £30,438,538) and delivered profit before tax of £739,184 (2022 : £675,602)


The net assets in Tradeline Recruitment Limited at the year end were £645,517 (2022 : £887,910).


PRINCIPAL RISKS AND UNCERTAINTIES

Downturns in economic environment have historically been the biggest threat to the service and construction sectors. The company is exposed to changes in Government Policy in the market in which we operate such as changes in employment law, tax law and in the legislation around sensitive data management.


All of these risks are closely monitored and under constant review in order to mitigate any risks, with outcomes such as adjusting of headcount during a period of economic uncertainty.


FINANCIAL RISKS

The business is exposed to a variety of financial risks including the effects of changes in interest rates, credit risk and client liquidity risk. The business' principal financial instrument comprise cash and bank deposits, that arise directly from its operations.


The company's principal financial assets are trade debtors, which represent the Company's major exposure to credit risk in relation to its financial assets.  Reporting in this area covers weekly aged debt for every client as well as overall ledger profiles from the invoicing date taking into account any pre agreed payment terms.


The risk is mitigated through our invoice discounting facility with Barclay's which provides credit insurance ensuring all clients are insured against any potential default on their debt.


The business has no significant concentration of credit risk, with the exposure spread over a large number of customers.  The risk is further mitigated with a strong credit control system with the aim of minimizing any bad debt.


ON BEHALF OF THE BOARD:






P Hill - Director



5 July 2024


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023



The directors present their report with the financial statements of the company for the year ended 31 December 2023.  


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of recruitment agency.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2023 will be £ 754,385 .


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


P Hill

S Eade


POLITICAL DONATIONS AND EXPENDITURE

Company has given donations of £4,829 for charity golf days and sponsorship.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






P Hill - Director



5 July 2024


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023



The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;
-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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRADELINE RECRUITMENT LTD



Opinion

We have audited the financial statements of Tradeline Recruitment Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRADELINE RECRUITMENT LTD



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.


Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.


We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRADELINE RECRUITMENT LTD



The potential effect of these laws and regulations on the financial statements varies considerably.


Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.


Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

  - Employment legislation, reflecting the Company's workforce

  - Health and safety regulation, reflecting the Company's production, distribution and operating processes

  - Data privacy, reflecting the Company's management of personal and corporate data

- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's distribution and operating processes.


Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.


We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Zubair Arshad FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Buckinghamshire

MK12 5NN


5 July 2024


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023


2023

2022



Notes

£

£


TURNOVER

31,151,931


30,301,307




Cost of sales

27,318,701


26,753,034



GROSS PROFIT

3,833,230


3,548,273




Administrative expenses

2,803,916


2,781,665



1,029,314


766,608




Other operating income

-


137,229



OPERATING PROFIT

4

1,029,314


903,837





Interest payable and similar expenses

5

353,234


228,235



PROFIT BEFORE TAXATION

676,080


675,602




Tax on profit

6

164,088


179,896



PROFIT FOR THE FINANCIAL YEAR

511,992


495,706




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023


2023

2022



Notes

£

£


PROFIT FOR THE YEAR

511,992


495,706





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

511,992


495,706




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


BALANCE SHEET

31 DECEMBER 2023


2023

2022



Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

10,771


14,589




CURRENT ASSETS

Debtors

9

4,978,947


5,812,778



Cash at bank

32,819


30,946



5,011,766


5,843,724



CREDITORS

Amounts falling due within one year

10

4,377,020


4,970,403



NET CURRENT ASSETS

634,746


873,321



TOTAL ASSETS LESS CURRENT

LIABILITIES

645,517


887,910




CAPITAL AND RESERVES

Called up share capital

13

4,949


4,949



Share premium

14

1,784


1,784



Retained earnings

14

638,784


881,177



SHAREHOLDERS' FUNDS

645,517


887,910




The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2024 and were signed on its behalf by:






P Hill - Director



TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023


Called up



share

Retained

Share

Total


capital

earnings

premium

equity



£

£

£

£

Balance at 1 January 2022

4,944


949,645


1,604


956,193




Changes in equity

Issue of share capital

5


-


180


185



Dividends

-


(564,174

)

-


(564,174

)


Total comprehensive income

-


495,706


-


495,706



Balance at 31 December 2022

4,949


881,177


1,784


887,910




Changes in equity

Dividends

-


(754,385

)

-


(754,385

)


Total comprehensive income

-


511,992


-


511,992



Balance at 31 December 2023

4,949


638,784


1,784


645,517




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023


2023

2022



Notes

£

£

Cash flows from operating activities

Cash generated from operations

1

1,931,444


316,666



Interest paid

(5,175

)

(10,618

)


Finance costs paid

(348,059

)

(217,617

)


Tax paid

(179,896

)

(195,102

)


Net cash from operating activities

1,398,314


(106,671

)



Cash flows from investing activities

Purchase of tangible fixed assets

(1,746

)

(5,795

)


Net cash from investing activities

(1,746

)

(5,795

)



Cash flows from financing activities

Loan repayments in year

(133,333

)

(133,333

)


Amount withdrawn by directors

(78,523

)

(139,768

)


Share issue

-


5



Share premium movement

-


180



Equity dividends paid

(754,385

)

(564,174

)


Net cash from financing activities

(966,241

)

(837,090

)



Increase/(decrease) in cash and cash equivalents

430,327


(949,556

)


Cash and cash equivalents at

beginning of year

2

(3,926,830

)

(2,977,274

)



Cash and cash equivalents at end of

year

2

(3,496,503

)

(3,926,830

)



TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023

2022



£

£


Profit before taxation

676,080


675,602




Depreciation charges

5,564


5,043




Finance costs

353,234


228,235



1,034,878


908,880




Decrease/(increase) in trade and other debtors

912,354


(572,606

)



Decrease in trade and other creditors

(15,788

)

(19,608

)



Cash generated from operations

1,931,444


316,666




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31/12/23


1/1/23


£

£


Cash and cash equivalents

32,819


30,946




Bank overdrafts

(3,529,322

)

(3,957,776

)


(3,496,503

)

(3,926,830

)



Year ended 31 December 2022


31/12/22


1/1/22


£

£


Cash and cash equivalents

30,946


36,921




Bank overdrafts

(3,957,776

)

(3,014,195

)


(3,926,830

)

(2,977,274

)




3.

ANALYSIS OF CHANGES IN NET DEBT



At 1/1/23

Cash flow

At 31/12/23


£

£

£


Net cash



Cash at bank

30,946


1,873


32,819




Bank overdrafts

(3,957,776

)

428,454


(3,529,322

)


(3,926,830

)

430,327


(3,496,503

)



Debt


Debts falling due within 1 year

(133,333

)

133,333


-



(133,333

)

133,333


-




Total

(4,060,163

)

563,660


(3,496,503

)



TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



1.

STATUTORY INFORMATION



Tradeline Recruitment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



BASIS OF PREPARING THE FINANCIAL STATEMENTS


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


TANGIBLE FIXED ASSETS


Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.  


Fixtures and fittings

-

25% on cost


Motor vehicles

-

25% on cost


Computer equipment

-

25% on cost


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



2.

ACCOUNTING POLICIES - continued



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, 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.

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.

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.


TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



2.

ACCOUNTING POLICIES - continued



PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.


3.

EMPLOYEES AND DIRECTORS

2023

2022



£

£


Wages and salaries

1,888,674


1,758,094




Social security costs

226,960


444,108




Other pension costs

48,406


46,096



2,164,040


2,248,298





The average number of employees during the year was as follows:

2023

2022




Admin

14


8




Sales

22


26



36


34




2023

2022



£

£


Directors' remuneration

18,192


18,064




4.

OPERATING PROFIT



The operating profit is stated after charging:


2023

2022



£

£


Hire of plant and machinery

3,189


4,279




Other operating leases

162,000


127,518




Depreciation - owned assets

5,564


5,043




5.

INTEREST PAYABLE AND SIMILAR EXPENSES


2023

2022



£

£


Bank loan interest

5,175


10,096




Interest payable

-


522




Factoring charges

348,059


217,617



353,234


228,235




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:

2023

2022



£

£


Current tax:


UK corporation tax

164,088


179,896




Tax on profit

164,088


179,896





RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:


2023

2022



£

£


Profit before tax

676,080


675,602




Profit multiplied by the standard rate of corporation tax in the UK of

23.520% (2022 - 19%)  

159,014


128,364





Effects of:


Expenses not deductible for tax purposes

5,485


52,006




Capital allowances in excess of depreciation

(411

)

(330

)



Deferred tax  

-


(144

)



Total tax charge

164,088


179,896




7.

DIVIDENDS

2023

2022



£

£


Ordinary shares of 10p each



Interim

754,385


564,174




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



8.

TANGIBLE FIXED ASSETS

Fixtures


and

Motor

Computer


fittings

vehicles

equipment

Totals



£

£

£

£


COST


At 1 January 2023

42,253


26,248


32,956


101,457




Additions

-


-


1,746


1,746




At 31 December 2023

42,253


26,248


34,702


103,203




DEPRECIATION


At 1 January 2023

41,512


26,248


19,108


86,868




Charge for year

228


-


5,336


5,564




At 31 December 2023

41,740


26,248


24,444


92,432




NET BOOK VALUE


At 31 December 2023

513


-


10,258


10,771




At 31 December 2022

741


-


13,848


14,589




9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



£

£


Trade debtors

4,742,483


5,580,063




Other debtors

16,685


13,270




Amounts due from related party

536


69,783




Directors' current accounts

204,527


126,004




Prepayments

14,716


23,658



4,978,947


5,812,778




10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



£

£


Bank loans and overdrafts (see note 11)

3,529,322


4,091,109




Trade creditors

28,532


18,655




Tax

164,088


179,896




Social security and other taxes

57,672


60,610




VAT

244,057


348,329




Other creditors

221,333


119,314




Accrued expenses

132,016


152,490



4,377,020


4,970,403




TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



11.

LOANS



An analysis of the maturity of loans is given below:


2023

2022



£

£


Amounts falling due within one year or on demand:


Bank overdrafts

3,529,322


3,957,776




Bank loans

-


133,333



3,529,322


4,091,109




Company has invoice discounting facility with barclays. This is secured facility and has fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

12.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022



£

£


Within one year

48,216


75,435




Between one and five years

39,451


87,667



87,667


163,102




13.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022


value:


£

£


4,050

Ordinary

10p

405


405




450,000

Ordinary E

1p

4,500


4,500




89

Ordinary A

10p

9


9




134

Ordinary B

10p

13


13




89

Ordinary C

10p

9


9




89

Ordinary D

10p

9


9




44

Ordinary F

10p

4


4



4,949


4,949





Ordinary A, B, C D, F shares do not carry a right to vote in general meetings except when called to vote on a variation of the rights of the ordinary shares Each share has the right to participate in any income distributions including dividends declared on these class of shares. Each share has the right to participate in any capital distribution of the company including on a winding up. These classes of share is non redeemable



Ordinary E has no voting part paid shares.  No voting rights in respect of dividends.  In the event of winding up, each shareholder shall be entitled to £0.01 per E Share.



Ordinary shares confer on the holders thereof the right to attend and vote and speak at general meetings of the company and to receive notice thereof .Each share has the right to participate in any income distributions including dividends declared on the class of share. Each share has the right to participate in any capital distributions of the company including on a wind up this class of share is non redeemable.


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



14.

RESERVES

Retained

Share


earnings

premium

Totals



£

£

£



At 1 January 2023

881,177


1,784


882,961




Profit for the year

511,992


511,992




Dividends

(754,385

)

(754,385

)



At 31 December 2023

638,784


1,784


640,568




15.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:


2023

2022



£

£


S Eade


Balance outstanding at start of year

66,711


(2,768

)



Amounts advanced

340,298


69,479




Amounts repaid

(300,000

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

107,009


66,711





P Hill


Balance outstanding at start of year

59,293


(10,996

)



Amounts advanced

338,225


70,289




Amounts repaid

(300,000

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

97,518


59,293




The loan is interest free and repayable on demand.


TRADELINE RECRUITMENT LTD (REGISTERED NUMBER: 06421894)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



16.

SHARE-BASED PAYMENT TRANSACTIONS



There was an enterprise management incentive scheme and an unapproved share option scheme introduced in the year ended 31 December 2021. This is an equity settled share based payment and as such the fair value of the shares has been calculated at £4.11 at grant date and this has been agreed with HMRC.



The company has s share option scheme for stakeholder. The option are settled in equity once exercised. The scheme allows for the exercise of options subject to certain criteria, being an 'event' ans subject to certain lengths of time.




Number of share

options



Weighted average

exercise price





31.12.23


31.12.22



31.12.

23


31.12.22





Number


Number



£


£





Outstanding at 01 January 2022


445


400



4.11


4.11





Granted (EMI Scheme)


    -


45



4.11


4.11





Granted (Unapproved)


    -


   -



   -


   -





Option Scheme


   -


   -



   -


   -





445


445



4.11


4.11





Exercisable at 31 December

2023


445


445



4.11


4.11





The options outstanding at 31 December 2023 had an exercise price of £4.11 and remaining contractual lives of between nine and ten years.