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COMPANY REGISTRATION NUMBER: SC485644
Scotforce Recruitment Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Scotforce Recruitment Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Scotforce Recruitment Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
42,008
9,317
Current assets
Debtors
6
523,498
677,143
Cash at bank and in hand
227,661
1,696,404
---------
------------
751,159
2,373,547
Creditors: amounts falling due within one year
7
434,841
557,262
---------
------------
Net current assets
316,318
1,816,285
---------
------------
Total assets less current liabilities
358,326
1,825,602
---------
------------
Net assets
358,326
1,825,602
---------
------------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
358,226
1,825,502
---------
------------
Shareholder funds
358,326
1,825,602
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Scotforce Recruitment Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 July 2024 , and are signed on behalf of the board by:
Mr A D Goodrum
Director
Company registration number: SC485644
Scotforce Recruitment Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is E6/E7 Inveralmond Business Centre, 6 Auld Bond Road, Perth, PH1 3FX, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No material judgements, estimates or assumptions have been made in preparing the accounting statements for the current or previous period.
Revenue recognition
The turnover shown in the profit and loss account represents the invoiced value of recruitment services supplied during the period and income from recharged registration and staff uniform costs. Revenue from recruitment services is recognised as those services are performed. Income from recharged expenses is recognised when payment is received.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction other than directors loans, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 270 (2023: 246 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2023
38,119
38,119
Additions
35,387
2,506
37,893
--------
--------
--------
At 31 March 2024
35,387
40,625
76,012
--------
--------
--------
Depreciation
At 1 April 2023
28,802
28,802
Charge for the year
5,202
5,202
--------
--------
--------
At 31 March 2024
34,004
34,004
--------
--------
--------
Carrying amount
At 31 March 2024
35,387
6,621
42,008
--------
--------
--------
At 31 March 2023
9,317
9,317
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
508,723
639,910
Other debtors
14,775
37,233
---------
---------
523,498
677,143
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,421
Social security and other taxes
283,517
376,696
Other creditors
151,324
177,145
---------
---------
434,841
557,262
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
39,678
57,306
--------
--------
10. Directors' advances, credits and guarantees
The directors owed the company £3,686 at 31 March 2024, this was repaid in full within 9 months of the year end.
11. Related party transactions
No transactions with related parties were undertaken during the current and comparative periods such as are required to be disclosed under Financial Reporting Standard 102.
12. Controlling party
The company's ultimate parent undertaking and controlling party is Washbrook Holdings Ltd which is incorporated in Scotland. The registered office is Inveralmond Business Centre, 6 Auld Bond Road, Perth, PH1 3FX.