Company registration number 08365210 (England and Wales)
Whiteoak Recruitment Limited
Unaudited financial statements
For the year ended 31 March 2024
Whiteoak Recruitment Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Whiteoak Recruitment Limited
Balance sheet
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
599
1,631
Current assets
Debtors
5
5,685
4,470
Cash at bank and in hand
15,373
34,337
21,058
38,807
Creditors: amounts falling due within one year
6
(17,332)
(18,523)
Net current assets
3,726
20,284
Total assets less current liabilities
4,325
21,915
Creditors: amounts falling due after more than one year
7
(5,835)
(10,835)
Provisions for liabilities
(113)
(407)
Net (liabilities)/assets
(1,623)
10,673
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,625)
10,671
Total equity
(1,623)
10,673

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Whiteoak Recruitment Limited
Balance sheet (continued)
As at 31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mrs H J Warner
Mrs E Long
Director
Director
Company registration number 08365210 (England and Wales)
Whiteoak Recruitment Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Whiteoak Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, England, CH65 9HQ.

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
Turnover

Turnover represents net invoiced recruitment placement commissions receivable, excluding value added tax.

 

Income in relation to recruitment placements is recognised once the individuals have commenced their employment placement contract.

 

Contractually required reimbursements in respect of candidate placements are recognised at the earliest point of agreement, with adjustment being made as a deduction against reported turnover.

1.3
Intangible fixed assets - goodwill

Goodwill paid in connection with the acquisition of a business in 2013 has been fully amortised over the initial estimated useful life of two years.

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
20% on cost
Computer equipment
25% on cost

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.

Whiteoak Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 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 year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Whiteoak Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors without service contracts) employed by the company during the year was 2 (2023 - 2).

2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
62,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
62,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Whiteoak Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
14,642
Disposals
(2,220)
At 31 March 2024
12,422
Depreciation and impairment
At 1 April 2023
13,011
Depreciation charged in the year
1,032
Eliminated in respect of disposals
(2,220)
At 31 March 2024
11,823
Carrying amount
At 31 March 2024
599
At 31 March 2023
1,631
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,521
4,405
Other debtors
1,164
65
5,685
4,470
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Trade creditors
503
264
Taxation and social security
2,880
8,784
Other creditors
8,949
4,475
17,332
18,523
Whiteoak Recruitment Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,835
10,835
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
6,909
2,529

The loan balances provided to Whiteoak Recruitment Limited by key management personnel are repayable upon demand and the rate of interest charged is 0%. At the balance sheet date, the loan balances were still outstanding and are presented within creditors: amounts falling due within one year.

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