REGISTERED NUMBER: |
TIME 4 RECRUITMENT SOLUTIONS LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
50 | 50 |
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: |
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. |
for and on behalf of |
STATUTORY AUDITORS |
Churchgate House |
3 Church Road |
Whitchurch |
Cardiff |
CF14 2DX |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
245,716 | 257,173 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 December 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (27,881 | ) | (20,944 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 73,488 | 51,116 |
Finance income | (3,232 | ) | - |
244,840 | 258,682 |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
30.12.23 | 30.12.22 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.12.23 | 30.12.22 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Rent |
Temporary Operatives |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.12.23 | 30.12.22 |
£ | £ |
Bank charges and interest |
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 |
(Over)/Under tax provision | 2,378 | (2,378 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Depreciation | 542 | 287 |
Disallowable items |
Previous years (over)/under taxation provision | ( |
) |
Deferred taxation | ( |
) |
Total tax charge | 42,866 | 37,648 |
8. | DIVIDENDS |
30.12.23 | 30.12.22 |
£ | £ |
Dividend paid |
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 |
Additions |
At 30 December 2023 |
DEPRECIATION |
At 31 December 2022 |
Charge for year |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
At 30 December 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 30.12.22 |
£ | £ |
Trade debtors |
Section 455 tax | 28,103 | 21,167 |
Directors' loan accounts | 91,580 | 63,699 |
Deferred tax asset |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 30.12.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 71,020 | 98,415 |
Other creditors |
Section 455 tax | 9,410 | 5,578 |
Sales Financing | 748,596 | 851,824 |
Accrued expenses |
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 |
Between one and five years |
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 |
Provided during year |
Temporary timing differences | (10,054 | ) |
Balance at 30 December 2023 | ( |
) |
15. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 30.12.23 | 30.12.22 |
value: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 30 December 2023 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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 £ |
19. | ULTIMATE CONTROLLING PARTY |