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Registered number: 10292332
Professional Recruitment Selection Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10292332
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,477 70,734
53,477 70,734
CURRENT ASSETS
Debtors 5 151,685 55,238
Cash at bank and in hand 40,333 68,120
192,018 123,358
Creditors: Amounts Falling Due Within One Year 6 (117,851 ) (78,990 )
NET CURRENT ASSETS (LIABILITIES) 74,167 44,368
TOTAL ASSETS LESS CURRENT LIABILITIES 127,644 115,102
Creditors: Amounts Falling Due After More Than One Year 7 (36,616 ) (43,468 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,687 ) (6,149 )
NET ASSETS 81,341 65,485
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 81,340 65,484
SHAREHOLDERS' FUNDS 81,341 65,485
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For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Tasleem Ahmad
Director
20 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Professional Recruitment Selection Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10292332 . The registered office is Saints View Cottage, Church Road, Griston,, Thetford, Norfolk, IP25 6QA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Financial Instruments
A financial asset or a financial liability is only recognised when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount of receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Impairment
At each reporting date, goodwill and other tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 3)
6 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 4,392 86,386 2,586 4,587 97,951
Additions 500 27,000 - 1,573 29,073
Disposals - (38,000 ) - - (38,000 )
As at 30 September 2023 4,892 75,386 2,586 6,160 89,024
Depreciation
As at 1 October 2022 1,794 22,160 1,511 1,752 27,217
Provided during the period 775 15,681 270 1,104 17,830
Disposals - (9,500 ) - - (9,500 )
As at 30 September 2023 2,569 28,341 1,781 2,856 35,547
Net Book Value
As at 30 September 2023 2,323 47,045 805 3,304 53,477
As at 1 October 2022 2,598 64,226 1,075 2,835 70,734
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 42,152 57,702
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 37,877 11,187
Prepayments and accrued income 5,170 8,976
Other debtors 108,638 35,075
151,685 55,238
Included within other debtors is a balance owed to the director.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,453 8,803
Trade creditors 8,043 6,839
Corporation tax 37,710 19,297
Other taxes and social security 30,607 13,890
VAT 23,277 22,793
Net wages 2,800 3,154
Accruals and deferred income 5,961 4,214
117,851 78,990
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 36,616 43,468
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,453 8,803
Later than one year and not later than five years 36,616 43,468
46,069 52,271
46,069 52,271
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2022 6,149 6,149
Additions 3,538 3,538
Balance at 30 September 2023 9,687 9,687
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Ultimate Controlling Party
The company's ultimate controlling party is Tasleem Ahmad by virtue of her ownership of 100% of the issued share capital in the company.
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