Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr S Bosworth 28/02/2023 Mr C D Freeman 23/11/2018 Mr D A Freeman 05/07/2005 Mrs L M Freeman 01/01/2018 19 September 2024 The principal activity of the Company during the financial year was that of a recruitment company. 05499891 2023-12-31 05499891 bus:Director1 2023-12-31 05499891 bus:Director2 2023-12-31 05499891 bus:Director3 2023-12-31 05499891 bus:Director4 2023-12-31 05499891 2022-12-31 05499891 core:CurrentFinancialInstruments 2023-12-31 05499891 core:CurrentFinancialInstruments 2022-12-31 05499891 core:ShareCapital 2023-12-31 05499891 core:ShareCapital 2022-12-31 05499891 core:RetainedEarningsAccumulatedLosses 2023-12-31 05499891 core:RetainedEarningsAccumulatedLosses 2022-12-31 05499891 core:Goodwill 2022-12-31 05499891 core:Goodwill 2023-12-31 05499891 core:LeaseholdImprovements 2022-12-31 05499891 core:Vehicles 2022-12-31 05499891 core:ComputerEquipment 2022-12-31 05499891 core:LeaseholdImprovements 2023-12-31 05499891 core:Vehicles 2023-12-31 05499891 core:ComputerEquipment 2023-12-31 05499891 core:CostValuation 2022-12-31 05499891 core:AdditionsToInvestments 2023-12-31 05499891 core:CostValuation 2023-12-31 05499891 core:CurrentFinancialInstruments 1 2023-12-31 05499891 core:CurrentFinancialInstruments 1 2022-12-31 05499891 bus:OrdinaryShareClass1 2023-12-31 05499891 2023-01-01 2023-12-31 05499891 bus:FilletedAccounts 2023-01-01 2023-12-31 05499891 bus:SmallEntities 2023-01-01 2023-12-31 05499891 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05499891 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05499891 bus:Director1 2023-01-01 2023-12-31 05499891 bus:Director2 2023-01-01 2023-12-31 05499891 bus:Director3 2023-01-01 2023-12-31 05499891 bus:Director4 2023-01-01 2023-12-31 05499891 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 05499891 core:Goodwill 2023-01-01 2023-12-31 05499891 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 05499891 core:Vehicles 2023-01-01 2023-12-31 05499891 core:ComputerEquipment 2023-01-01 2023-12-31 05499891 2022-01-01 2022-12-31 05499891 core:LeaseholdImprovements 2023-01-01 2023-12-31 05499891 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05499891 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05499891 (England and Wales)

TQR PLYMOUTH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TQR PLYMOUTH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TQR PLYMOUTH LIMITED

BALANCE SHEET

As at 31 December 2023
TQR PLYMOUTH LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 73,893 19,089
Investments 5 50 0
73,943 19,089
Current assets
Debtors 6 786,035 699,170
Cash at bank and in hand 184,566 256,333
970,601 955,503
Creditors: amounts falling due within one year 7 ( 441,419) ( 341,347)
Net current assets 529,182 614,156
Total assets less current liabilities 603,125 633,245
Provision for liabilities ( 15,999) ( 2,195)
Net assets 587,126 631,050
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 587,026 630,950
Total shareholder's funds 587,126 631,050

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TQR Plymouth Limited (registered number: 05499891) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Mr D A Freeman
Director
TQR PLYMOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TQR PLYMOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TQR Plymouth Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 The Crescent, Plymouth, PL1 3AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue is recognised at the point when a permanent placement commences or temporary contracts occur.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 4 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line / reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Vehicles 20 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 77 90

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 3,501 3,501
At 31 December 2023 3,501 3,501
Accumulated amortisation
At 01 January 2023 3,501 3,501
At 31 December 2023 3,501 3,501
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 4,926 0 89,083 94,009
Additions 0 67,631 4,188 71,819
Disposals 0 0 ( 79,024) ( 79,024)
At 31 December 2023 4,926 67,631 14,247 86,804
Accumulated depreciation
At 01 January 2023 2,525 0 72,395 74,920
Charge for the financial year 493 4,509 2,479 7,481
Disposals 0 0 ( 69,490) ( 69,490)
At 31 December 2023 3,018 4,509 5,384 12,911
Net book value
At 31 December 2023 1,908 63,122 8,863 73,893
At 31 December 2022 2,401 0 16,688 19,089

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 0
Additions 50
At 31 December 2023 50
Carrying value at 31 December 2023 50
Carrying value at 31 December 2022 0

6. Debtors

2023 2022
£ £
Trade debtors 670,619 665,616
Amounts owed by Group undertakings 110,300 24,686
Prepayments and accrued income 5,116 8,868
786,035 699,170

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 148,003 74,723
Trade creditors 86,864 13,715
Amounts owed to connected companies 0 10,000
Amounts owed to directors 877 12,371
Accruals 6,991 8,627
Taxation and social security 193,299 216,937
Other creditors 5,385 4,974
441,419 341,347

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
TQR Properties Exeter Ltd 84,614 0

During the year the company made loan advances to TQR Properties Exeter Ltd, totalling £84,614.