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Registered Number: 09824006
England and Wales

 

 

 

RECRUITMENT SMART TECHNOLOGIES LTD


Amended Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Yusuf Jazakallah
Pawan Lokwani
Registered Number 09824006
Registered Office 2 Frederick Street
Kings Cross
London
WC1X 0ND
Accountants Swenta
167-169 Great Portland Street,
5th Floor, London,
United Kingdom
W1W 5PF
Bankers HSBC Plc,
60 Queen Victoria Street
London
United Kingdom
EC4N 4TR

1
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Swenta
31 March 2024



....................................................
Swenta
167-169 Great Portland Street,
5th Floor, London,
United Kingdom
W1W 5PF
20 August 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 1,445,441    1,011,605 
Tangible fixed assets 4 4,411    3,090 
1,449,852    1,014,695 
Current assets      
Debtors: amounts falling due within one year 5 164,483    90,770 
Cash at bank and in hand 19,278    513,296 
183,761    604,066 
Creditors: amount falling due within one year 6 (217,942)   (89,100)
Net current assets (34,181)   514,966 
 
Total assets less current liabilities 1,415,671    1,529,661 
Creditors: amount falling due after more than one year 7 (172,606)   (234,182)
Net assets 1,243,065    1,295,479 
 

Capital and reserves
     
Called up share capital 206,806    206,806 
Share premium account 8 2,235,703    2,235,703 
Special Reserves 9 186,388    186,388 
Profit and loss account (1,385,832)   (1,333,418)
Shareholders' funds 1,243,065    1,295,479 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
Yusuf Jazakallah
Director
3
General Information
RECRUITMENT SMART TECHNOLOGIES LTD is a private company, limited by shares, registered in England and Wales, registration number 09824006, registration address 2 Frederick Street, Kings Cross, London, WC1X 0ND.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard FRS 102 Section 1A for Smaller Entities (effective January 2016).
Turnover
Turnover represents revenue earned from rendering of services and is measured at the fair value of the consideration received or receivable, net of discounts and taxes.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives, as follows:

                             Intangible assets 10 Years
Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 18% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 35 (2023 : 35).
3.

Intangible fixed assets

Cost Intangible assets   Total
  £   £
At 01 April 2023 1,215,879    1,215,879 
Additions 588,863    588,863 
Disposals  
At 31 March 2024 1,804,742    1,804,742 
Amortisation
At 01 April 2023 204,274    204,274 
Charge for year 155,027    155,027 
On disposals  
At 31 March 2024 359,301    359,301 
Net book values
At 31 March 2024 1,445,441    1,445,441 
At 31 March 2023 1,011,605    1,011,605 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 April 2023 10,000    10,000 
Additions 2,053    2,053 
Disposals  
At 31 March 2024 12,053    12,053 
Depreciation
At 01 April 2023 6,910    6,910 
Charge for year 732    732 
On disposals  
At 31 March 2024 7,642    7,642 
Net book values
Closing balance as at 31 March 2024 4,411    4,411 
Opening balance as at 01 April 2023 3,090    3,090 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 154,026    84,286 
VAT 10,457    6,484 
164,483    90,770 
Trade Debtors; Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses.

6.

Creditors: amount falling due within one year

2024
£
  2023
£
PAYE & Social Security 140,118    65,971 
Accrued Expenses 56,918    4,384 
Wages & Salaries Control Account 12,612    13,314 
Directors' Current Accounts 8,294    5,431 
217,942    89,100 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
GLIF LD LP 152,777    203,704 
HSBC Loan 19,829    30,478 
172,606    234,182 

8.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 2,235,703    659,253 
Equity Share Premium - New Issue   1,576,450 
2,235,703    2,235,703 

9.

Special Reserves

2024
£
  2023
£
Subordinated Debt b/fwd 186,388    186,388 
186,388    186,388 
Subordinated Debt
Expenses incurred on behalf of the company by Founder Shareholders. It carries
interest and will be converted into Shares, in case of insufficient Cash Flows.

10.

Called up share capital

Particulars   Current
£
Allotted, issued and fully paid Ordinary shares of £0.01 each 150,080 
Allotted, issued and fully paid Ordinary B -EIS shares of £0.01 each 18,870 
Allotted, issued and fully paid Ordinary C shares of £0.01 each 9,387 
Allotted, issued and fully paid Ordinary D shares of £0.01 each 28,469 
206,806 
Each holder of Founder Ordinary Shares as such shall be entitled to two votes for each
share of Founder Ordinary shares held of record entitled to vote; entitled to full rights with respect of dividends and distributions. 
The holders of Series B EIS shares shall be entitled to one vote for each share held of
record by such holders on all matters on which shareholders are generally entitled to vote; entitled to participate equally in dividends; in case the company is wound up; pari passu rights distribution of assets after all the debts have been paid. 
The holders of Series C ESOP Ordinary shares shall be entitled to one vote for each share
held of record by such holders on all matters on which shareholders are generally entitled to vote; entitled to participate equally in dividends; in case the company is wound up; pari passu rights distribution of assets after all the debts have been paid.
4