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Company No: SC285783 (Scotland)

NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 8,053 3,980
8,053 3,980
Current assets
Debtors 4 909,530 916,752
Cash at bank and in hand 161,186 216,885
1,070,716 1,133,637
Creditors: amounts falling due within one year 5 ( 622,152) ( 698,840)
Net current assets 448,564 434,797
Total assets less current liabilities 456,617 438,777
Creditors: amounts falling due after more than one year 6 ( 13,472) ( 19,036)
Provision for liabilities ( 831) 0
Net assets 442,314 419,741
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 442,214 419,641
Total shareholder's funds 442,314 419,741

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of NAS Recruitment Services (Scotland) Limited (registered number: SC285783) were approved and authorised for issue by the Board of Directors on 06 August 2024. They were signed on its behalf by:

R Colwell
Director
NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
NAS RECRUITMENT SERVICES (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
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

NAS Recruitment Services (Scotland) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Nas House, Fairbairn Place, Livingston, EH54 6TN, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 Balance Sheet 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.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 18,677 3,130 33,010 54,817
Additions 6,658 0 756 7,414
Disposals ( 12,127) 0 ( 995) ( 13,122)
At 30 April 2024 13,208 3,130 32,771 49,109
Accumulated depreciation
At 01 May 2023 14,925 3,005 32,907 50,837
Charge for the financial year 1,017 32 74 1,123
Disposals ( 9,909) 0 ( 995) ( 10,904)
At 30 April 2024 6,033 3,037 31,986 41,056
Net book value
At 30 April 2024 7,175 93 785 8,053
At 30 April 2023 3,752 125 103 3,980

4. Debtors

2024 2023
£ £
Trade debtors 492,108 477,104
Amounts owed by Group undertakings 398,025 398,025
Corporation tax 2,718 7,894
Other debtors 16,679 33,729
909,530 916,752

The amount of factored debts included in trade debtors is £217,465 (2023 - £414,996).

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 7,946 7,917
Trade creditors 460 4,278
Taxation and social security 277,563 220,917
Obligations under finance leases and hire purchase contracts 1,054 0
Other creditors 335,129 465,728
622,152 698,840

Included in bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

Included within other creditors is an amount due to Ultimate Invoice Finance Limited of £189,862 (2023 - £393,767), the amount is secured by a floating charge over all the assets of the company.

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

2024 2023
£ £
Bank loans 11,118 19,036
Obligations under finance leases and hire purchase contracts 2,354 0
13,472 19,036

Included in bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
100 100

8. Financial commitments

Other financial commitments

2024 2023
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 149,695 199,586

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 10,873 31,574

Advances totalling £1,206 have been made to the directors in this period and £22,500 has been repaid. Interest of £594 was charged on the balance at the HMRC approved rate of 2.25%. This balance is unsecured and repayable on demand.