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Registration number: 02801332

Quality Service Recruitment Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Quality Service Recruitment Limited

(Registration number: 02801332)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

6,480

9,720

Tangible assets

4

25,832

35,116

 

32,312

44,836

Current assets

 

Debtors

5

3,315,284

3,576,471

Cash at bank and in hand

 

131,386

250,047

 

3,446,670

3,826,518

Creditors: Amounts falling due within one year

6

(1,458,679)

(1,688,369)

Net current assets

 

1,987,991

2,138,149

Total assets less current liabilities

 

2,020,303

2,182,985

Creditors: Amounts falling due after more than one year

6

(31,989)

(94,680)

Net assets

 

1,988,314

2,088,305

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,988,214

2,088,205

Shareholders' funds

 

1,988,314

2,088,305

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 24 September 2024 and signed on its behalf by:
 

 

Quality Service Recruitment Limited

(Registration number: 02801332)

Balance Sheet as at 31 December 2023

.........................................

Mr P R Gillespie
Director

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Quality Service Recruitment Limited is a private company, limited by shares, domiciled in England and Wales, company number 02801332. The registered office is at 137 Canal Street, , Nottingham, NG1 7HD, England.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided. The supply of temporary labour is recognised on an accruals basis as the hours are worked, subject to acceptance by the customer of delivery under the contract.

Income in respect of permanent recruitment is recognised on the date that the candidate commences employment.

Other income is recognised when the Company has the right to the income and to the extent that the economic benefits will flow to the Company and the income can be reliably measured.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

All borrowings costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

Tax

The tax expense for the period comprises tax. Tax is recognised in the statement of income and retained earnings except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Unrelieved tax losses and other deferred tax assets shall be 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.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Fixtures and fittings

25% to 33% straight line

Computer equipment

25% straight line

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

25% straight line

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no
more than three months from the date of acquisition and that are readily convertible to known
amounts of cash with insignificant risk of change in value.

Trade debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost using the effective interest method, less any impairment

Trade creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 42).

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Intangible assets

Computer Software
 £

Total
£

Cost

At 1 January 2023

12,960

12,960

At 31 December 2023

12,960

12,960

Amortisation

At 1 January 2023

3,240

3,240

Amortisation charge

3,240

3,240

At 31 December 2023

6,480

6,480

Carrying amount

At 31 December 2023

6,480

6,480

At 31 December 2022

9,720

9,720

4

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

94,231

18,264

7,749

120,244

Additions

3,303

6,361

-

9,664

Disposals

(25,628)

-

(7,749)

(33,377)

At 31 December 2023

71,906

24,625

-

96,531

Depreciation

At 1 January 2023

77,379

-

7,749

85,128

Charge for the year

11,855

7,059

-

18,914

Eliminated on disposal

(25,594)

-

(7,749)

(33,343)

At 31 December 2023

63,640

7,059

-

70,699

Carrying amount

At 31 December 2023

8,266

17,566

-

25,832

At 31 December 2022

16,852

18,264

-

35,116

5

Debtors

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
 £

2022
 £

Trade debtors

1,191,175

1,418,674

Amounts owed by related parties

2,082,526

2,082,526

Other debtors

11,109

11,400

Prepayments

30,474

44,337

Income tax asset

-

19,534

3,315,284

3,576,471

6

Creditors

2023
 £

2022
 £

Due within one year

Bank loans

62,500

62,500

Trade creditors

78,219

131,369

Social security and other taxes

195,514

150,209

Outstanding defined contribution pension costs

4,681

5,945

Other payables

954,614

1,128,151

Accrued expenses

163,151

210,195

1,458,679

1,688,369

Due after one year

Bank loans

31,989

94,680

Included within other creditors is an invoice discounting facility of £920,545 (2022 - £1,095,416). The bank holds a guarantee over all of the company's assets as security, along with an inter-company guarantee with other group companies, Ampco 115 Limited and Q S Recruitment Limited. The banking facilities are also secured by insured life polices held by Mr P R Gillespie and Mr B K Smith.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans

31,989

94,680

The Company had obtained a loan via the Coronavirus Business Interruption Loan Scheme (CBILS). As part of this loan, the government paid arrangement fees and interest for the first 12 months, which were accounted for as a grant. Interest on the loan is calculated at 3.99% over the Base Rate being 1 month GBP Libor and the repayment term is fixed at five years. No repayments were due during the first 12 months. The debt is secured by an all asset debenture including a floating charge over the whole of the undertaking and assets.

7

Financial commitments, guarantees and contingencies

Commitments under operating leases

 

Quality Service Recruitment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The total amount of financial commitments not included in the balance sheet is £115,786 (2022 - £209,953). The annual commitment is £67,423.

Pension

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for employed staff represents contributions payable by the Company to the fund and amounted to £21,006 (2022, £19,308). Accrued pension contributions at the year end amounted to £6,414 (2022, £3,983).

8

Parent and ultimate parent undertaking

Q S Recruitment Ltd ceased to be the controlling party as of 17th May 2024.

QSR Holdings Ltd became the controlling party on 17th May 2024.


 The company's immediate parent is QSR Holdings Ltd, incorporated in England and Wales.