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REGISTERED NUMBER: 07328342 (England and Wales)









TIME 4 RECRUITMENT SOLUTIONS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2023






TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


TIME 4 RECRUITMENT SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 DECEMBER 2023







DIRECTORS: G T Lillywhite
K Martin





REGISTERED OFFICE: 167 Broadway
Cardiff
SOUTH GLAMORGAN
CF24 1QH





REGISTERED NUMBER: 07328342 (England and Wales)





AUDITORS: HODGE BAKSHI LIMITED
STATUTORY AUDITORS
Churchgate House
3 Church Road
Whitchurch
Cardiff
CF14 2DX

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023

The directors present their strategic report for the year ended 30 December 2023.

Review of Business
The principal activity of the business in the year under review was that of the supply of contract labour to various markets.

Details of the company's performance for the financial year are set out within the income statement. Its results and future prospects are considered satisfactory as a result of perpetual streamlining of business activities and further implementation of new sales strategies, which will continue to enable improved efficiencies along with more in-depth management information, so that closer sales activity monitoring and forecasting can be achieved, allowing for increased reactivity to reduce costs and focus on profitability.

Financial performance in the year
The company recorded sales of £15.2m (2022: £13.0m).

The company recorded a profit in the period. The operating profit margin was 1.6% (2022: 2.0%).

Financial position at the reporting date
The balance sheet of the company shows net assets of £337,627 (2022: £265,555).

The company continues to thrive and grow with turnover increasing by 16.9% to £15.2m, however, this has been impacted by the current cost of living crisis in the UK, the high levels of inflation and increase in worker wages that have been seen throughout 2023 and ongoing into 2024. The directors are confident that the company will remain on a similar growth trajectory throughout 2024 and into 2025. As positive as the outlook may be, the directors remain conscious of the challenges the company will face over the next 12 months as the UK economy continues to endure the cost of living crisis.

FUTURE DEVELOPMENTS
The directors aim to maintain the management policies which have resulted in the stabilization and development of the company in recent years and along with growth in the marketplace, the directors believe the company will be well placed to continue and capitalise on the opportunities that will arise from the recovery of the economy as a whole, allowing the company to continue to trade successfully.

Key performance indicators
The directors consider the following key performance indicators of the company:

Year end 30 December 2023 Year end 30 December 2022

Turnover £15,229,869 £13,023,864
EBITDA £248,072 £258,682
Profit before tax for year £172,228 £206,057
Operating profit margin 1.6% 2.0%


TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

The principal risks and uncertainties facing the company are as follows:

Economic environment - the temporary recruitment market continues to reflect pressure both on top line revenues and margin as customers seek to amend requirements while reducing price. Pressure on margins in particular has been impacted by market behaviour as recruitment suppliers and vendor management providers seek to maintain customer accounts and gain market share in the increasingly competitive environment.
Management is therefore focused on maintaining its pricing strategy and discipline to mitigate this risk.

Reliance on key customers - the directors monitor the number of clients monthly with Management to ensure that there has been a focus across the business on increasing the number and diversity of clients to mitigate the risk of over reliance on a small number of customers.

Loss of key personnel - The effectiveness of the business' operations relies on the expertise and commitment of its staff. Management mitigate the risk of non-retention through ensuring they continue to offer competitive compensation packages and career progression.

Competition - given the low barriers to entry into the recruitment market, the UK is a highly competitive and fragmented market for recruitment suppliers to enter. Our competitors range from large multinationals to small privately-owned businesses and therefore it is imperative for the business that it builds and retains strong client relationships and key contacts.

Technology - IT plays a pivotal role in the business' operations, and therefore the growing dependency on IT makes the potential impact of disruptions even greater. Key IT-related risks include failure of the IT infrastructure, leading to loss of service or a leakage of confidential business information. The business continues to review and improve its IT project risk management; including monitoring, security and compliance.

Exposure to price, credit, liquidity and cash flow risk

Price risk arises on financial instruments because of changes in, for example, commodity prices or equity prices. The company does not have any financial assets that are exposed to price risk.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses and rigorous credit checking are in place prior to the commencement of trade with a customer and at every anniversary thereafter. Details of the company's debtors are shown in the notes to the financial statements.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets across the client base.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company does not have any external financial assets or liabilities with significant exposure to interest rate risk.


TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023

RESEARCH AND DEVELOPMENT
The company has not claimed any research and development expenditure during the period.

EMPLOYMENT OF DISABLED PERSONS
The Company's policy is to give full and fair consideration to application for employment made by disabled persons, having regard to their particular aptitude and abilities. Disabled employees receive appropriate training to promote their career development within the Company. Employees who become disabled are retained in their existing posts where possible or retained for suitable alternate posts.

EMPLOYEE INVOLVEMENT
Consultation with employees or their representation has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow free flow of information and ideas.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
In accordance with Section 414C (11) of the companies Act (Strategic Report and Directors' Report) Regulations 2013 we set out the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups ( Accounts and Reports) Regulations 2008.

ON BEHALF OF THE BOARD:





G T Lillywhite - Director


19 September 2024

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of contract labour to various markets.

DIVIDENDS
Interim dividends of £572.90 per share were distributed during the year. No final dividends were voted.

The total distribution of dividends for the year ended 30 December 2023 will be £57,290.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 31 December 2022 to the date of this report.

The beneficial interests of the directors holding office at 30 December 2023 in the shares of the company, according to the register of directors' interests, were as follows:

30.12.23 31.12.22
Ordinary shares of £1 each
G T Lillywhite 50 50
K Martin 50 50

These directors did not hold any non-beneficial interests in the shares of the company.

GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have prepared forecasts for the next 12 months from the date of signing of this report. The directors believe that these forecasts are based on realistic income assumptions and are confident that the company will continue to be able to meet its liabilities as they fall due.

At the date 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 and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.


TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, HODGE BAKSHI LIMITED, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G T Lillywhite - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TIME 4 RECRUITMENT SOLUTIONS LIMITED

Opinion
We have audited the financial statements of Time 4 Recruitment Solutions Limited (the 'company') for the year ended 30 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TIME 4 RECRUITMENT SOLUTIONS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TIME 4 RECRUITMENT SOLUTIONS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that related to the reporting framework (FRS 102, the Companies Act 2006) and the relevant tax compliance regulations in the UK. In addition, we concluded there are certain significant laws and regulations relating to the company's operations that may have an effect on the determination of the amounts and disclosures in the financial statements, such as National Minimum Wage and other employment laws and regulations, pension regulation, anti-bribery regulations and General Data Protection Regulation.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and a review of legal and professional spend for the year.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgments made by management in its significant accounting estimates; and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TIME 4 RECRUITMENT SOLUTIONS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Burnett ACA ACCA (Senior Statutory Auditor)
for and on behalf of HODGE BAKSHI LIMITED
STATUTORY AUDITORS
Churchgate House
3 Church Road
Whitchurch
Cardiff
CF14 2DX

19 September 2024

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

INCOME STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2023

30.12.23 30.12.22
Notes £    £   

TURNOVER 3 15,229,869 13,023,864

Cost of sales 13,860,410 11,719,753
GROSS PROFIT 1,369,459 1,304,111

Administrative expenses 1,126,975 1,046,938
OPERATING PROFIT 5 242,484 257,173

Interest receivable and similar income 3,232 -
245,716 257,173

Interest payable and similar expenses 6 73,488 51,116
PROFIT BEFORE TAXATION 172,228 206,057

Tax on profit 7 42,866 37,648
PROFIT FOR THE FINANCIAL
YEAR

129,362

168,409

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

BALANCE SHEET
30 DECEMBER 2023

30.12.23 30.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 5,703 2,302

CURRENT ASSETS
Debtors 10 1,156,624 1,130,840
Cash at bank and in hand 285,850 318,530
1,442,474 1,449,370
CREDITORS
Amounts falling due within one year 11 1,110,550 1,185,677
NET CURRENT ASSETS 331,924 263,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,627

265,995

PROVISIONS FOR LIABILITIES 14 - 440
NET ASSETS 337,627 265,555

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 337,527 265,455
SHAREHOLDERS' FUNDS 337,627 265,555

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





G T Lillywhite - Director


TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 December 2021 100 171,832 171,932

Changes in equity
Dividends - (74,786 ) (74,786 )
Total comprehensive income - 168,409 168,409
Balance at 30 December 2022 100 265,455 265,555

Changes in equity
Dividends - (57,290 ) (57,290 )
Total comprehensive income - 129,362 129,362
Balance at 30 December 2023 100 337,527 337,627

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2023

30.12.23 30.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 170,468 143,437
Interest paid (73,488 ) (51,116 )
Tax paid (41,964 ) (30,251 )
Net cash from operating activities 55,016 62,070

Cash flows from investing activities
Purchase of tangible fixed assets (5,757 ) (1,306 )
Interest received 3,232 -
Net cash from investing activities (2,525 ) (1,306 )

Cash flows from financing activities
Amount withdrawn by directors (27,881 ) (20,944 )
Equity dividends paid (57,290 ) (74,786 )
Net cash from financing activities (85,171 ) (95,730 )

Decrease in cash and cash equivalents (32,680 ) (34,966 )
Cash and cash equivalents at
beginning of year

2

318,530

353,496

Cash and cash equivalents at end of
year

2

285,850

318,530

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.12.23 30.12.22
£    £   
Profit before taxation 172,228 206,057
Depreciation charges 2,356 1,509
Finance costs 73,488 51,116
Finance income (3,232 ) -
244,840 258,682
Decrease/(increase) in trade and other debtors 10,701 (5,397 )
Decrease in trade and other creditors (85,073 ) (109,848 )
Cash generated from operations 170,468 143,437

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 December 2023
30.12.23 31.12.22
£    £   
Cash and cash equivalents 285,850 318,530
Year ended 30 December 2022
30.12.22 31.12.21
£    £   
Cash and cash equivalents 318,530 353,496


3. ANALYSIS OF CHANGES IN NET FUNDS

At 31.12.22 Cash flow At 30.12.23
£    £    £   
Net cash
Cash at bank and in hand 318,530 (32,680 ) 285,850
318,530 (32,680 ) 285,850
Total 318,530 (32,680 ) 285,850

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

1. STATUTORY INFORMATION

Time 4 Recruitment Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have prepared forecasts for the next 12 months from the date of signing of this report. The directors believe that these forecasts are based on realistic income assumptions and are confident that the company will continue to be able to meet its liabilities as they fall due.

At the date 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 and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Impairment of debtors - The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover represents the provision of temporary and permanent workers to customers and clients. Turnover is recognised on the completion of approved timesheets for temporary workers and upon commencement of a placement for permanent workers. Turnover is stated as invoiced and is net of discounts and rebates and excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible assets are stated at cost less accumulated depreciation and impairment losses to arrive at the carrying value in the financial statements. The cost of a tangible asset includes the original purchase price, delivery costs, and costs directly attributable to bringing the asset to its working condition for its intended use.

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.

Research and development
The company has not claimed any research and development expenditure during the period.

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rental paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised 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 trade and other debtors, and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

All turnover and profits arose in the United Kingdom from recruitment activities.

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS
30.12.23 30.12.22
£    £   
Wages and salaries 721,377 699,867
Social security costs 70,845 70,317
Other pension costs 14,882 13,270
807,104 783,454

The average number of employees during the year was as follows:
30.12.23 30.12.22

Directors 2 2
Permanent staff 21 22
PAYE Operatives 116 170
139 194

30.12.23 30.12.22
£    £   
Directors' remuneration 101,793 95,744

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

30.12.23 30.12.22
£    £   
Depreciation - owned assets 2,356 1,509
Auditors' remuneration 7,500 7,500
Rent 31,700 32,597
Temporary Operatives 13,747,410 11,656,035

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.12.23 30.12.22
£    £   
Bank charges and interest 73,488 51,116

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.12.23 30.12.22
£    £   
Current tax:
UK corporation tax 49,532 39,586
(Over)/Under tax provision 2,378 (2,378 )
Total current tax 51,910 37,208

Deferred tax (9,044 ) 440
Tax on profit 42,866 37,648

UK corporation tax has been charged at 23.30% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.12.23 30.12.22
£    £   
Profit before tax 172,228 206,057
Profit multiplied by the standard rate of corporation tax in the UK
of 23% (2022 - 19%)

39,612

39,151

Effects of:
Capital allowances in excess of depreciation (1,324 ) (323 )
Depreciation 542 287
Disallowable items 10,262 471


Previous years (over)/under taxation provision 2,378 (2,378 )
Deferred taxation (8,604 ) 440
Total tax charge 42,866 37,648

8. DIVIDENDS
30.12.23 30.12.22
£    £   
Dividend paid 57,290 74,786

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 31 December 2022 1,618 76,587 78,205
Additions - 5,757 5,757
At 30 December 2023 1,618 82,344 83,962
DEPRECIATION
At 31 December 2022 1,618 74,285 75,903
Charge for year - 2,356 2,356
At 30 December 2023 1,618 76,641 78,259
NET BOOK VALUE
At 30 December 2023 - 5,703 5,703
At 30 December 2022 - 2,302 2,302

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 30.12.22
£    £   
Trade debtors 1,023,065 993,855
Section 455 tax 28,103 21,167
Directors' loan accounts 91,580 63,699
Deferred tax asset 8,604 -
Prepayments 5,272 52,119
1,156,624 1,130,840

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 30.12.22
£    £   
Trade creditors 19,017 20,060
Tax 49,532 39,586
Social security and other taxes 30,583 28,342
VAT 71,020 98,415
Other creditors 15,999 15,890
Section 455 tax 9,410 5,578
Sales Financing 748,596 851,824
Accrued expenses 166,393 125,982
1,110,550 1,185,677

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.12.23 30.12.22
£    £   
Within one year 45,956 45,956
Between one and five years 33,954 48,400
79,910 94,356

13. SECURED DEBTS

The following secured debts are included within creditors:

30.12.23 30.12.22
£    £   
Sales Financing 748,596 851,824

Sales financing by ABN AMRO Commercial Finance PLC holds a Fixed and Floating charge over the Company's assets including book debts and related rights as security.

14. PROVISIONS FOR LIABILITIES
30.12.22
£   
Deferred tax 440

Deferred
tax
£   
Balance at 31 December 2022 440
Provided during year 1,010
Temporary timing differences (10,054 )
Balance at 30 December 2023 (8,604 )

15. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.12.23 30.12.22
value: £    £   
100 Ordinary £1 100 100

TIME 4 RECRUITMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 07328342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023

16. RESERVES
Retained
earnings
£   

At 31 December 2022 265,455
Profit for the year 129,362
Dividends (57,290 )
At 30 December 2023 337,527

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 December 2023 and 30 December 2022:

30.12.23 30.12.22
£    £   
G T Lillywhite
Balance outstanding at start of year (18,392 ) (2,618 )
Amounts advanced (42,508 ) (53,167 )
Amounts repaid 28,645 37,393
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,255 ) (18,392 )

K Martin
Balance outstanding at start of year (45,307 ) (40,137 )
Amounts advanced (42,663 ) (42,563 )
Amounts repaid 28,645 37,393
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,325 ) (45,307 )

The directors loan account included within debtors falling due within 1 years, are repayable on demand and interest free.

18. RELATED PARTY DISCLOSURES

The company operates from a property in Cardiff which is co-owned by a director of the company.

During the period £16,000 (2022 - £16,000) was paid by the company for the rental of this property.

During the year, a total of key management personnel compensation of £ 115,132 (2022 - £ 108,597 ) was paid.

19. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.