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COMPANY REGISTRATION NUMBER: SC584618
M8 Staffing Limited
Filleted Unaudited Financial Statements
31 December 2023
M8 Staffing Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
10,615
14,359
Current assets
Debtors
7
333,177
235,607
Cash at bank and in hand
94,802
155,836
---------
---------
427,979
391,443
Creditors: amounts falling due within one year
8
256,594
224,387
---------
---------
Net current assets
171,385
167,056
---------
---------
Total assets less current liabilities
182,000
181,415
Creditors: amounts falling due after more than one year
9
5,088
10,638
Provisions for liabilities
Deferred taxation
1,441
3,036
---------
---------
Net assets
175,471
167,741
---------
---------
M8 Staffing Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
175,371
167,641
---------
---------
Shareholders funds
175,471
167,741
---------
---------
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.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 19 September 2024 , and are signed on behalf of the board by:
Craig Logan
Director
Company registration number: SC584618
M8 Staffing 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 Scotland. The address of the registered office is 23 Hallcraig Street, Airdrie, Lanarkshire, ML6 6AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. 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.
Going concern
The directors consider that, after making appropriate enquiries and carrying out a review of the company's operating forecasts, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis in preparing these financial statements.
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
The turnover shown in the profit and loss account represents the amounts received for recruitment and the supply of staff during the period, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting year. 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 those two scenarios, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current year. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Tenants Improvements
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% 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 are 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
82
73
Management staff
4
4
----
----
86
77
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,372,884
1,381,507
Social security costs
88,568
105,465
Other pension costs
7,895
10,151
------------
------------
1,469,347
1,497,123
------------
------------
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
17,951
20,492
Deferred tax:
Origination and reversal of timing differences
( 1,595)
( 1,462)
--------
--------
Tax on profit
16,356
19,030
--------
--------
6. Tangible assets
Tenants Improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
5,376
27,750
33,126
Additions
2,130
1,595
3,725
Disposals
( 3,960)
( 3,960)
-------
-------
--------
--------
At 31 December 2023
2,130
3,011
27,750
32,891
-------
-------
--------
--------
Depreciation
At 1 January 2023
4,314
14,453
18,767
Charge for the year
44
487
6,938
7,469
Disposals
( 3,960)
( 3,960)
-------
-------
--------
--------
At 31 December 2023
44
841
21,391
22,276
-------
-------
--------
--------
Carrying amount
At 31 December 2023
2,086
2,170
6,359
10,615
-------
-------
--------
--------
At 31 December 2022
1,062
13,297
14,359
-------
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
6,359
-------
At 31 December 2022
13,297
--------
7. Debtors
2023
2022
£
£
Trade debtors
323,442
202,012
Other debtors
9,735
33,595
---------
---------
333,177
235,607
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
854
504
Corporation tax
19,001
20,492
Social security and other taxes
108,937
79,678
Other creditors
127,802
123,713
---------
---------
256,594
224,387
---------
---------
The bank borrowing is secured by a floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,088
10,638
-------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
1,441
3,036
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,441
3,036
-------
-------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
8,500
8,500
Later than 1 year and not later than 5 years
21,958
30,458
--------
--------
30,458
38,958
--------
--------
13. Directors' advances, credits and guarantees
The directors owed the company £983 (2022: £3,113) at 31st December 2023. There is no interest rate being applied and the balance was cleared in full post year end. During the year the directors received £20,000 (2022: £20,000) in dividends from the company.
14. Controlling party
The company was under the control of the directors throughout the current and prior period.