Silverfin false 31/05/2023 01/06/2022 31/05/2023 Daniel J Edgar 14/05/2015 31 July 2024 The principal activity of the company is the provision of human resource related services. 09591246 2023-05-31 09591246 bus:Director1 2023-05-31 09591246 2022-05-31 09591246 core:CurrentFinancialInstruments 2023-05-31 09591246 core:CurrentFinancialInstruments 2022-05-31 09591246 core:Non-currentFinancialInstruments 2023-05-31 09591246 core:Non-currentFinancialInstruments 2022-05-31 09591246 core:ShareCapital 2023-05-31 09591246 core:ShareCapital 2022-05-31 09591246 core:RetainedEarningsAccumulatedLosses 2023-05-31 09591246 core:RetainedEarningsAccumulatedLosses 2022-05-31 09591246 core:FurnitureFittings 2022-05-31 09591246 core:FurnitureFittings 2023-05-31 09591246 bus:OrdinaryShareClass1 2023-05-31 09591246 2022-06-01 2023-05-31 09591246 bus:FullAccounts 2022-06-01 2023-05-31 09591246 bus:SmallEntities 2022-06-01 2023-05-31 09591246 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 09591246 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09591246 bus:Director1 2022-06-01 2023-05-31 09591246 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 09591246 2021-06-01 2022-05-31 09591246 core:FurnitureFittings 2022-06-01 2023-05-31 09591246 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 09591246 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 09591246 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09591246 (England and Wales)

PRS RESOURCING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

PRS RESOURCING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

PRS RESOURCING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
PRS RESOURCING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,744 1,892
1,744 1,892
Current assets
Debtors 4 29,147 35,371
Cash at bank and in hand 5 32,829 13,526
61,976 48,897
Creditors: amounts falling due within one year 6 ( 42,775) ( 42,396)
Net current assets 19,201 6,501
Total assets less current liabilities 20,945 8,393
Creditors: amounts falling due after more than one year 7 ( 20,752) ( 30,746)
Net assets/(liabilities) 193 ( 22,353)
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 183 ( 22,363 )
Total shareholder's funds/(deficit) 193 ( 22,353)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PRS Resourcing Limited (registered number: 09591246) were approved and authorised for issue by the Director. They were signed on its behalf by:

Daniel J Edgar
Director

31 July 2024

PRS RESOURCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
PRS RESOURCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PRS Resourcing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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 probable 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.

Taxation

Current tax
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 reporting date in the countries where the Company operates and generates income.

Tangible fixed assets

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings 3 years straight line

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.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on 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.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Related party transactions

Included within other debtors is a balance of £13,673 (2022: £24,908) owed from Daniel J Edgar, the director.

Controlling party

The ultimate controlling party is Daniel J Edgar, the director of the company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 June 2022 12,842 12,842
Additions 963 963
At 31 May 2023 13,805 13,805
Accumulated depreciation
At 01 June 2022 10,950 10,950
Charge for the financial year 1,111 1,111
At 31 May 2023 12,061 12,061
Net book value
At 31 May 2023 1,744 1,744
At 31 May 2022 1,892 1,892

4. Debtors

2023 2022
£ £
Amounts owed by director 13,675 24,907
Other debtors 15,472 10,464
29,147 35,371

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 32,829 13,526

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,994 9,747
Accruals 1,080 1,580
Taxation and social security 31,701 31,069
42,775 42,396

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,752 30,746

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10