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Registration number: 05119896

Additions Recruitment Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Additions Recruitment Consultants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Additions Recruitment Consultants Limited

Company Information

Directors

Mr Matthew Peter Noake

Mr Samuel Kevin Randall

Registered office

Suite G Lancaster House
Grange Business Park
Enderby Road, Whetstone
Leicester
Leicestershire
LE8 6EP

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Additions Recruitment Consultants Limited

(Registration number: 05119896)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,854

33,683

Investments

5

13,763

13,763

 

42,617

47,446

Current assets

 

Debtors

6

1,594,308

2,454,550

Cash at bank and in hand

 

53,829

78,654

 

1,648,137

2,533,204

Creditors: Amounts falling due within one year

7

(1,242,152)

(1,974,643)

Net current assets

 

405,985

558,561

Total assets less current liabilities

 

448,602

606,007

Provisions for liabilities

(7,214)

(6,400)

Net assets

 

441,388

599,607

Capital and reserves

 

Called up share capital

8

504

604

Capital redemption reserve

100

100

Retained earnings

440,784

598,903

Shareholders' funds

 

441,388

599,607

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.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

 

Additions Recruitment Consultants Limited

(Registration number: 05119896)
Balance Sheet as at 31 December 2023

.........................................
Mr Matthew Peter Noake
Director

 

Additions Recruitment Consultants Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite G Lancaster House
Grange Business Park
Enderby Road, Whetstone
Leicester
Leicestershire
LE8 6EP
UK

The principal place of business is:
Suite G Lancaster House
Grange Business Park
Enderby Road, Whetstone
Leicester
Leicestershire
LE8 6EP
UK

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 of the financial statements is the Pounds Sterling (£)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Additions Recruitment Consultants Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Freehold property

2% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

20% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Additions Recruitment Consultants Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Additions Recruitment Consultants Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2022 - 54).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

66,881

66,881

Additions

2,529

2,529

At 31 December 2023

69,410

69,410

Depreciation

At 1 January 2023

33,198

33,198

Charge for the year

7,358

7,358

At 31 December 2023

40,556

40,556

Carrying amount

At 31 December 2023

28,854

28,854

At 31 December 2022

33,683

33,683

5

Investments

2023
£

2022
£

Investments in associates

13,763

13,763

Associates

£

Cost

At 1 January 2023

13,763

Provision

Carrying amount

At 31 December 2023

13,763

At 31 December 2022

13,763

 

Additions Recruitment Consultants Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

1,355,052

2,203,153

Prepayments

15,261

27,180

Other debtors

223,995

224,217

1,594,308

2,454,550

The carrying amount of trade debtors pledged as security for liabilities amounted to £1,347,903 (2022 - £2,194,823).

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

743,184

1,361,087

Trade creditors

 

42,146

36,501

Taxation and social security

 

346,246

396,480

Accruals and deferred income

 

23,619

94,084

Other creditors

 

86,957

86,491

 

1,242,152

1,974,643

 

Additions Recruitment Consultants Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

500

500

500

500

Ordinary B of £1 each

-

-

100

100

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

Ordinary F of £1 each

1

1

1

1

 

504

504

604

604

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

743,184

1,361,087

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £7,500).