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COMPANY REGISTRATION NUMBER: 06864039
AA EURO RECRUITMENT UK LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
AA EURO RECRUITMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
57,610
30,168
CURRENT ASSETS
Debtors
5
4,008,462
976,411
Cash at bank and in hand
117,265
49,709
------------
------------
4,125,727
1,026,120
CREDITORS: amounts falling due within one year
6
4,098,354
961,427
------------
------------
NET CURRENT ASSETS
27,373
64,693
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
84,983
94,861
CREDITORS: amounts falling due after more than one year
7
11,475
15,663
--------
--------
NET ASSETS
73,508
79,198
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
73,408
79,098
--------
--------
SHAREHOLDERS FUNDS
73,508
79,198
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr P P McCarthy
Director
Company registration number: 06864039
AA EURO RECRUITMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor Merchants Court, 2-12 Lord Street, Liverpool, L2 1TS.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
12% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 98 (2022: 23 ).
4. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
34,108
485
34,593
Additions
35,155
854
36,009
--------
-------
--------
At 31 December 2023
69,263
1,339
70,602
--------
-------
--------
Depreciation
At 1 January 2023
4,263
162
4,425
Charge for the year
8,125
442
8,567
--------
-------
--------
At 31 December 2023
12,388
604
12,992
--------
-------
--------
Carrying amount
At 31 December 2023
56,875
735
57,610
--------
-------
--------
At 31 December 2022
29,845
323
30,168
--------
-------
--------
5. DEBTORS
2023
2022
£
£
Trade debtors
2,935,263
730,361
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,058,248
210,799
Other debtors
14,951
35,251
------------
---------
4,008,462
976,411
------------
---------
The company has an ongoing debt financing arrangement whereby it receives a proportion of the value of sales invoices in advance. Advances are disclosed in the balance sheet as current liabilities and the gross amount of the financial debtors is included in trade debtors.
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,208,145
505,074
Trade creditors
49,622
12,446
Amounts owed to group undertakings
986,171
185,016
Social security and other taxes
591,859
156,513
Other creditors
262,557
102,378
------------
---------
4,098,354
961,427
------------
---------
Included in bank loans and overdrafts are advances in respect of financial debtors of £2,208,145 (2022 - £505,074) which are secured against the debtors' ledger.
Included within other creditors are hire purchase liabilities which are secured against the assets they relate to. £4,272 (2022 - £4,272)
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,475
15,663
--------
--------
Included within other creditors are hire purchase liabilities which are secured against the assets they relate to. £11,475 (2022 - £15,663)
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
43,605
19,056
Later than 1 year and not later than 5 years
31,500
1,839
--------
--------
75,105
20,895
--------
--------
9. SUMMARY AUDIT OPINION
The auditor's report dated 23 September 2024 was unqualified .
The senior statutory auditor was Douglas Parker FCA , for and on behalf of Meadows & Co Limited .
10. RELATED PARTY TRANSACTIONS
The company has participated in transactions with related parties and has exercised the exemption allowed under FRS 102 1A not to disclose transactions with entities, 100% of whose voting rights are controlled within the group. There are no other related party transactions.
11. PARENT COMPANY
The parent company of the smallest group that prepares consolidated accounts which includes the position and results of the company at 31 December 2023 is AA Euro Recruitment Group Limited , whose registered office is 1 Adelphi Quay, Waterford, Ireland.