Registered number
06877653
SET2RECRUIT LTD
Report and Unaudited Accounts
31 December 2023
SET2RECRUIT LTD
Registered number: 06877653
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,439 2,294
Investments 4 2,133 2,133
4,572 4,427
Current assets
Debtors 5 286,956 79,763
Cash at bank and in hand 187,760 307,821
474,716 387,584
Creditors: amounts falling due within one year 6 (83,925) (74,500)
Net current assets 390,791 313,084
Total assets less current liabilities 395,363 317,511
Creditors: amounts falling due after more than one year 7 (16,518) (26,612)
Provisions for liabilities (565) (436)
Net assets 378,280 290,463
Capital and reserves
Called up share capital 60 60
Profit and loss account 378,220 290,403
Shareholder's funds 378,280 290,463
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kevin Homeyard
Director
Approved by the board on 10 April 2024
SET2RECRUIT LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the time incurred for work performed to date to the total estimated contract time.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 33% straight line
Investments
Investments are measured at cost less impairment.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 10,231 97,480 107,711
Additions - 2,116 2,116
At 31 December 2023 10,231 99,596 109,827
Depreciation
At 1 January 2023 10,231 95,186 105,417
Charge for the year - 1,971 1,971
At 31 December 2023 10,231 97,157 107,388
Net book value
At 31 December 2023 - 2,439 2,439
At 31 December 2022 - 2,294 2,294
4 Investments
Other
investments
£
Cost
At 1 January 2023 2,133
At 31 December 2023 2,133
5 Debtors 2023 2022
£ £
Trade debtors 268,672 66,598
Other debtors 18,284 13,165
286,956 79,763
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,098 9,849
Trade creditors 359 1,845
Other taxes and social security costs 58,004 53,391
Other creditors 15,464 9,415
83,925 74,500
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,518 26,612
8 Loans (to)/from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan - interest free and repayable on demand (11,936) (41,500) 42,974 (10,462)
(11,936) (41,500) 42,974 (10,462)
9 Other information
SET2RECRUIT LTD is a private company limited by shares and incorporated in England and Wales within the United Kingdom. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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