Registered number: 11626923
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R2 Global Recruitment Services Ltd
Financial statements
Information for filing with the registrar
30 November 2023
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R2 Global Recruitment Services Ltd
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Balance sheet
At 30 November 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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1
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R2 Global Recruitment Services Ltd
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Balance sheet (continued)
At 30 November 2023
The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.
Company registered number: 11626923
The notes on pages 3 to 8 form part of these financial statements.
2
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
R2 Global Recruitment Services Limited (‘the company’) is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is 3 Whickham Lodge, Whickham, Gateshead, Tyne And Wear, United Kingdom, NE16 4HH.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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The company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
3
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
4
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
5
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
2.Accounting policies (continued)
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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The average monthly number of employees, including directors, during the year was 10 (2022: 8).
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6
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
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Investments in subsidiary companies
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Amounts owed by connected companies
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7
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R2 Global Recruitment Services Ltd
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Notes to the financial statements
Year ended 30 November 2023
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the closing rates for GBP:USD.
During the year, the company entered into forward foreign currency contracts to mitigate the exchange rate risk for foreign currency transactions. At 30 November 2023, the outstanding contracts all mature within 12 months of the year end. The company is committed to purchasing £300,000 at fixed USD amounts and a fair value loss of £5,266 was recognised in the profit and loss account during the year in relation to ongoing forward contracts.
Also during the year, a fair value gain of £9,979 (2022: £73,092) was recognised in the profit and loss on forward contracts which expired during the year.
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Related party transactions
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During the year, the company engaged in transactions with related parties, R2 Commerce Recruitment Services Ltd and R2 (RC) Recruitment Services Ltd. The balances at the year end owed by the company were £216,108 (2022: £432,678) to R2 Commerce Recruitment Services Ltd and £36,166 (2022: £326,538) to R2 (RC) Recruitment Services Ltd. These loans were unsecured, interest free, and repayable on demand.
The company also engaged in transactions with a connected company, R2 Property Services Ltd, a company in which it has a common director. The balance owed to the company at the year end was £445,000 (2022: £Nil). This loan was unsecured, interest free, and repayable on demand.
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8
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