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REGISTERED NUMBER: 03411568 (England and Wales)















People First (Recruitment) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






People First (Recruitment) Limited (Registered number: 03411568)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


People First (Recruitment) Limited

Company Information
for the year ended 31 December 2023







Directors: Yasuhiro Shimanuki
Ian Ward
Katie Jane Bevan





Registered office: 107 Cheapside
London
EC2V 6DN





Registered number: 03411568 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

People First (Recruitment) Limited (Registered number: 03411568)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 85,491 88,746

Current assets
Debtors 5 438,925 506,726
Cash at bank 988,982 1,657,422
1,427,907 2,164,148
Creditors
Amounts falling due within one year 6 346,630 421,800
Net current assets 1,081,277 1,742,348
Total assets less current liabilities 1,166,768 1,831,094

Provisions for liabilities 20,000 21,000
Net assets 1,146,768 1,810,094

Capital and reserves
Called up share capital 7 7
Share premium 41,800 41,800
Capital redemption reserve 95 95
Retained earnings 1,104,866 1,768,192
Shareholders' funds 1,146,768 1,810,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





Katie Jane Bevan - Director


People First (Recruitment) Limited (Registered number: 03411568)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

People First (Recruitment) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated).

The financial statements are presented in Pounds Sterling (£), rounded to the nearest pound.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the company's accounting policies
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(b) Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes and is derived from permanent and temporary placements of candidates with customers.

Turnover of permanent placements is recognised once a candidate is successfully placed with a customer.

Turnover of temporary placements is recognised as and when work is carried out by the temporary candidate for the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance


People First (Recruitment) Limited (Registered number: 03411568)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rental leases are currently reduced due a lease incentive. This incentive is currently in other creditors and is being released over the same period as the rent lease.

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.

Financial instruments
The company has adopted section 11 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest.

3. Employees and directors

The average number of employees during the year was 56 (2022 - 53 ) .

People First (Recruitment) Limited (Registered number: 03411568)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£ £ £
Cost
At 1 January 2023 154,645 64,148 218,793
Additions 10,518 - 10,518
At 31 December 2023 165,163 64,148 229,311
Depreciation
At 1 January 2023 97,735 32,312 130,047
Charge for year 9,313 4,460 13,773
At 31 December 2023 107,048 36,772 143,820
Net book value
At 31 December 2023 58,115 27,376 85,491
At 31 December 2022 56,910 31,836 88,746

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 351,181 429,762
Other debtors 87,744 76,964
438,925 506,726

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,223 10,217
Taxation and social security 257,106 317,924
Other creditors 82,301 93,659
346,630 421,800

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 21,205 117,110
Between one and five years - 21,205
21,205 138,315

8. Transactions with directors

Of the total dividend paid, £705,000 (2022: £46,842) was paid to the directors of People First (Recruitment) Limited.

9. Ultimate controlling party

The ultimate controlling party is Katie Bevan, a director of the company.