Company registration number 04577721 (England and Wales)
SENSIBLE STAFFING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SENSIBLE STAFFING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SENSIBLE STAFFING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,353
5,121
Current assets
Debtors
5
4,810,221
4,596,432
Cash at bank and in hand
232,319
312,268
5,042,540
4,908,700
Creditors: amounts falling due within one year
6
(3,728,251)
(3,672,059)
Net current assets
1,314,289
1,236,641
Net assets
1,318,642
1,241,762
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
1,268,642
1,191,762
Total equity
1,318,642
1,241,762
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
..............................................
J Dumont
Director
Company registration number 04577721 (England and Wales)
SENSIBLE STAFFING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
50,000
975,890
1,025,890
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
285,872
285,872
Dividends
-
(70,000)
(70,000)
Balance at 30 November 2022
50,000
1,191,762
1,241,762
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
187,880
187,880
Dividends
-
(111,000)
(111,000)
Balance at 30 November 2023
50,000
1,268,642
1,318,642
The notes on pages 3 - 8 form part of these financial statements
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Sensible Staffing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coldbath Square, London, EC1R 5HL. The principal place of business is The Business and Technology Centre, Bessemer Driver, Stevenage, Hertfordshire, SG1 2DX. The principal activity of the company continued to be that of medical staff recruitment agency.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover arising from permanent placement is recognised when the candidate commences employment. Where a permanent candidate commences employment but does not continue working for a specified contractual period, a provision is made in respect of the required credit note due to the client. The revenue recognised from permanent placement is typically based on a percent of the candidate’s remuneration package.
Turnover arising from temporary placements is recognised on time basis of services provided by the temporary candidates. Revenue recognition associated with temporary placements is typically based on the hourly rate of the candidate.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% on reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade and other debtors
Trade and other debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is recognised in profit or loss. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
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.
Trade and other creditors
Trade and other creditors including bank loans that are classified as debt, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue is recognised for the placement of permanent candidates on the day candidates start work and temporary placement revenue over the duration of the placement; and
Recognition of revenue from the temporary contractual arrangement on a gross basis as principal. The factors considered by the management to conclude that the company is acting as principal are as follows:
The client has a direct relationship with the company;
The company has the primary responsibility for provision of the services to the clients;
The company agree the rates directly or indirectly with all the parties; and
The company bears the credit risk on the receivable due from the clients.
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
32
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 December 2022 and 30 November 2023
26,725
Depreciation and impairment
At 1 December 2022
21,604
Depreciation charged in the year
768
At 30 November 2023
22,372
Carrying amount
At 30 November 2023
4,353
At 30 November 2022
5,121
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,068,327
3,946,304
Amounts owed by group undertakings
656,315
551,565
Other debtors
85,579
98,563
4,810,221
4,596,432
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
2,327,831
2,590,332
Trade creditors
539,070
468,524
Corporation tax
57,481
56,561
Other taxation and social security
475,313
295,901
Other creditors
328,556
260,741
3,728,251
3,672,059
Other loans represent an invoice financing facility and is secured by fixed and floating charges over the assets of the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Richard Behan FCA
Statutory Auditor:
Kingswood LLP
Date of audit report:
27 August 2024
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
49,843
72,728
10
Related party transactions
The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent company.
SENSIBLE STAFFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
11
Parent company
The immediate and ultimate parent company and controlling party is Pario Group Limited, being the parent of the smallest and largest group, for which group financial statements are prepared. Copies of the consolidated financial statements of Pario Group Limited will be available from its registered office at 3 Coldbath Square, London, EC1R 5HL.
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