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REGISTERED NUMBER: 08088228 (England and Wales)














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: W J Excell
P J Conaghan





REGISTERED OFFICE: The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS





REGISTERED NUMBER: 08088228 (England and Wales)





ACCOUNTANTS: GREGORY WILDMAN
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 4 518,067 409,271
Investments 5 89 89
518,156 409,360

CURRENT ASSETS
Debtors 6 2,387,597 2,535,344
Cash at bank 108,870 282,760
2,496,467 2,818,104
CREDITORS
Amounts falling due within one year 7 2,496,291 2,184,236
NET CURRENT ASSETS 176 633,868
TOTAL ASSETS LESS CURRENT LIABILITIES 518,332 1,043,228

CREDITORS
Amounts falling due after more than one year 8 (19,973 ) (28,333 )

PROVISIONS FOR LIABILITIES 12 (31,827 ) (27,723 )
NET ASSETS 466,532 987,172

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 466,382 987,022
SHAREHOLDERS' FUNDS 466,532 987,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 August 2024 and were signed on its behalf by:




P J Conaghan - Director



W J Excell - Director


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 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 23 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 406,800 29,261 2,983 40,130 479,174
Additions 174,842 25,762 4,967 6,537 212,108
At 31 December 2023 581,642 55,023 7,950 46,667 691,282
DEPRECIATION
At 1 January 2023 48,786 8,747 1,976 10,394 69,903
Charge for year 88,950 6,525 881 6,956 103,312
At 31 December 2023 137,736 15,272 2,857 17,350 173,215
NET BOOK VALUE
At 31 December 2023 443,906 39,751 5,093 29,317 518,067
At 31 December 2022 358,014 20,514 1,007 29,736 409,271

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 4,967
At 31 December 2023 4,967
DEPRECIATION
Charge for year 548
At 31 December 2023 548
NET BOOK VALUE
At 31 December 2023 4,419

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 89
NET BOOK VALUE
At 31 December 2023 89
At 31 December 2022 89

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,047,564 2,245,529
Other debtors 16,636 11,646
Directors' current accounts 228,222 169,654
Accrued income 47,493 46,790
Prepayments 47,682 61,725
2,387,597 2,535,344

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Hire purchase contracts (see note 10) 1,995 -
Trade creditors 360,742 490,936
Amounts owed to group undertakings 460,379 239,058
Tax 92,251 180,455
Social security and other taxes 42,579 44,475
VAT 145,303 65,944
Other creditors 30,310 28,989
Indebtness to factor 930,928 652,684
Accrued expenses 421,804 471,695
2,496,291 2,184,236

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) 18,333 28,333
Hire purchase contracts (see note 10) 1,640 -
19,973 28,333

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 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-5 years 18,333 28,333

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 2,279 -
Between one and five years 1,709 -
3,988 -

Finance charges repayable:
Within one year 284 -
Between one and five years 69 -
353 -

Net obligations repayable:
Within one year 1,995 -
Between one and five years 1,640 -
3,635 -

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 94,796 59,090
Between one and five years 295,247 213,087
In more than five years - 27,333
390,043 299,510

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 27,723
Accelerated capital allowances 4,104
Balance at 31 December 2023 31,827

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.






GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS


13 August 2024