25 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05090440 2023-01-01 2023-12-31 05090440 2023-12-31 05090440 2022-12-31 05090440 2022-01-01 2022-12-31 05090440 2022-12-31 05090440 2021-12-31 05090440 bus:Director1 2023-01-01 2023-12-31 05090440 bus:Director2 2023-01-01 2023-12-31 05090440 bus:Director3 2023-01-01 2023-12-31 05090440 core:WithinOneYear 2023-12-31 05090440 core:WithinOneYear 2022-12-31 05090440 core:AfterOneYear 2023-12-31 05090440 core:AfterOneYear 2022-12-31 05090440 core:ShareCapital 2023-12-31 05090440 core:ShareCapital 2022-12-31 05090440 core:RetainedEarningsAccumulatedLosses 2023-12-31 05090440 core:RetainedEarningsAccumulatedLosses 2022-12-31 05090440 bus:SmallEntities 2023-01-01 2023-12-31 05090440 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05090440 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05090440 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05090440 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05090440
Better Placed Limited
Filleted Unaudited Financial Statements
31 December 2023
Better Placed Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
229
306
Tangible assets
6
34,353
43,352
--------
--------
34,582
43,658
Current assets
Debtors
7
557,843
285,012
Cash at bank and in hand
13,748
25,807
---------
---------
571,591
310,819
Creditors: amounts falling due within one year
8
1,609,273
1,274,680
------------
------------
Net current liabilities
1,037,682
963,861
------------
---------
Total assets less current liabilities
( 1,003,100)
( 920,203)
Creditors: amounts falling due after more than one year
9
18,561
26,786
Provisions
Taxation including deferred tax
8,114
8,114
------------
---------
Net liabilities
( 1,029,775)
( 955,103)
------------
---------
Better Placed Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
104
104
Profit and loss account
( 1,029,879)
( 955,207)
------------
---------
Shareholder deficit
( 1,029,775)
( 955,103)
------------
---------
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 member has 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:
Mr A Gibson
Mr D J Bartle
Director
Director
Mr S P Stephens
Director
Company registration number: 05090440
Better Placed 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 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
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, 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.
Employee ownership trust
Better Placed Employee Ownership Trust has been established with the object of ensuring that shares in the company are held for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.
Going concern
The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of services provided in the normal course of business. Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment. Turnover arising from temporary placements is recognised over the period that temporary workers are provided. The company recognises the amounts billed for the services of the temporary workers, including the remuneration costs of of the temporary workers.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
25% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Equipment
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 27 ).
5. Intangible assets
Intangible asset
£
Cost
At 1 January 2023 and 31 December 2023
1,200
-------
Amortisation
At 1 January 2023
894
Charge for the year
77
-------
At 31 December 2023
971
-------
Carrying amount
At 31 December 2023
229
-------
At 31 December 2022
306
-------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
140,753
140,753
Additions
3,285
3,285
Disposals
( 11,861)
( 11,861)
---------
---------
At 31 December 2023
132,177
132,177
---------
---------
Depreciation
At 1 January 2023
97,401
97,401
Charge for the year
11,476
11,476
Disposals
( 11,053)
( 11,053)
---------
---------
At 31 December 2023
97,824
97,824
---------
---------
Carrying amount
At 31 December 2023
34,353
34,353
---------
---------
At 31 December 2022
43,352
43,352
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
247,873
136,985
Amounts owed by group undertakings and undertakings in which the company has a participating interest
145,066
9,231
Other debtors
164,904
138,796
---------
---------
557,843
285,012
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,205
Trade creditors
318,980
215,959
Amounts owed to group undertakings and undertakings in which the company has a participating interest
29,758
166,611
Social security and other taxes
569,593
168,694
Other creditors
680,942
714,211
------------
------------
1,609,273
1,274,680
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,561
26,786
--------
--------
10. Controlling party
The company is controlled by Better Placed Group Limited who is under the control of Better Placed Trustees Limited, being the trustee of Better Placed Employee Ownership Trust