REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
TIRO Partners Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
TIRO Partners Limited |
TIRO Partners Limited (Registered number: 08088228) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
TIRO Partners Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
TIRO Partners Limited (Registered number: 08088228) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TIRO Partners Limited (Registered number: 08088228) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TIRO Partners Limited (Registered number: 08088228) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
TIRO Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from this standard. |
Turnover |
Turnover represents the fair value of consideration receivable for the sale of services in the ordinary course of the business, excluding Value Added Tax. This includes the following; |
Turnover from contractor placements which represents amounts billed to customers for the services performed. This is recognised when the services are provided to the customer. |
Turnover from permanent placements which is recognised at the date when a candidate commences work. |
For contractor placements, invoices are raised to customers after the receipt of the timesheet from candidates. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: |
Improvements to property - over the term of the lease |
Fixtures and fittings - on cost over 15% |
Motor vehicles - over 3 years |
Computer equipment - 20% on reducing balance. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 statement of financial position date. |
Deferred tax |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
Tax deferred or accelerated is accounted for in respect of all material timing differences. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TIRO Partners Limited (Registered number: 08088228) |
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 for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
TIRO Partners Limited (Registered number: 08088228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts |
Accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Indebtness to factor | 930,928 | 652,684 |
Accrued expenses |
The indebtness to factor is secured by a fixed and floating charge dated 3 September 2021 over the undertaking and all property and assets present and future in favour of Sonovate Limited. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
TIRO Partners Limited (Registered number: 08088228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | FINANCIAL INSTRUMENTS |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
12. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 31,827 | 27,723 |
TIRO Partners Limited (Registered number: 08088228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 4,104 |
Balance at 31 December 2023 |
The net reversal of expected deferred tax liabilities expected to occur in the next 12 months is £11,963. |
At the balance sheet date the company had a £31,827 deferred tax liability (2022 - £27,723) relating to accelerated capital allowances. |
Factors that may affect future tax charges |
An increase in the future main corporation tax rate to 25% from 1 April 2023, from the previously enacted 19% was announced in the budget on 3 March 2021, and substantively enacted on 24 May 2021. The deferred tax balance at the year end has been calculated based on the rate at which the provision is expected to unwind. |
13. | RELATED PARTY DISCLOSURES |
The amount outstanding at the year-end from Mr W Excell was £80,460 (2022 - £61,302). |
The amount outstanding at the year-end from Mr P Conaghan was £147,762 (2022 - £108,350). |
The amount outstanding at the year end to Tiro B.V, a wholly owned subsidiary, was £460,379 (2022 - £239,058) |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
TIRO Partners Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TIRO Partners Limited for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of TIRO Partners Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TIRO Partners Limited and state those matters that we have agreed to state to the Board of Directors of TIRO Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TIRO Partners Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that TIRO Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TIRO Partners Limited. You consider that TIRO Partners Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of TIRO Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |