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Registration number: 03229277

Response Recruitment Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Response Recruitment Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 18

 

Response Recruitment Limited

Company Information

Directors

Mr JC Abbott

Mr A D Brook

Mr J G Devine

Mrs T Brook

Mrs S Abbott

Company secretary

Mr A D Brook

Registered office

51 Park Royal Road
London
NW10 7LQ

Auditors

Matthews Hanton Limited
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Response Recruitment Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of recruitment consultants

Fair review of the business

The results for the year and the financial position of the company are disclosed in the financial statements.

The turnover for the year amounted to £11,117,668 (2022: £12,870,923).

The company has a long standing reputation and a very strong and loyal client base. It is able to attract new clients and retain existing clients through the quality of service offered. The size and mix of clients also strengthens the company's market position, as it is not vulnerable to a particular industry or geographical location.

The management of the company expects both turnover and profitability to increase during the next financial period.

The directors consider the key perfomance indicators for the company to be those that communicate the financial performance and strength of the company. The directors consider that turnover, gross profit margin and operating profit to be the key performance indicators, based on those criteria.

Principal risks and uncertainties

The principle risks identified by Management are the economic conditions, non compliance with regulations, liquidity risk and increasing competitive market.

Ecomonic Risk
The company thrives when the ecomonic conditions are difficult because clients are reluctant to hire permanent staff and prefer a flexible or temporary workforce which can adapt to fluctuations in business volatility.

Non-compliance Risk
Ever increasing changes in employment law as well as compliance and service demands placed upon us by our clients will continue to make it more challenging for us in the future. Management are proactive in this area and are constantly considering the impact of regulatory changes, in order to devise procedures to mitigate such risks and uncertainties.

Liquidity/Credit Risk
The company prides itself on having a stringent credit control and risk environment. Indeed, the ongoing internal audit reviews performed by many of it's Blue Chip clients only add to the company's strong market reputation and helps attract new clients.

Competitive Market Risk
The Company has had years of experience in adapting to any changes in a seamless fashion and the client base continues to grow.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr J G Devine
Director

 

Response Recruitment Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr JC Abbott

Mr A D Brook - Company secretary and director

Mr J G Devine

Mrs T Brook

Mrs S Abbott

Mrs C Devine (resigned 1 January 2023)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Matthews Hanton Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr J G Devine
Director

 

Response Recruitment Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Response Recruitment Limited

Independent Auditor's Report to the Members of Response Recruitment Limited

Opinion

We have audited the financial statements of Response Recruitment Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Response Recruitment Limited

Independent Auditor's Report to the Members of Response Recruitment Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Response Recruitment Limited

Independent Auditor's Report to the Members of Response Recruitment Limited

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements, including how fraud may occur by enquiring of management of its own consideration of
fraud. In particular, we looked at where management made subjective judgements, for example in respect of
significant accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for
fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud
or noncompliance with laws and regulations and how management monitor these processes. Appropriate
procedures included the review and testing of manual journals and key estimates and judgements made by
management.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and
enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we
also addressed the risk of management override of internal controls including testing journals and evaluation
whether there was evidence of bias by the Directors that represented a risk of material misstatement due to
fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,
misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and
the further removed non-compliance with laws and regulations is from the events and transactions reflected in
the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mrs Nicola Merridue (Senior Statutory Auditor)
For and on behalf of Matthews Hanton Limited, Statutory Auditor

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

5 September 2024

 

Response Recruitment Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

11,117,668

12,870,923

Cost of sales

 

(9,564,063)

(11,064,928)

Gross profit

 

1,553,605

1,805,995

Administrative expenses

 

(983,931)

(975,865)

Operating profit

5

569,674

830,130

Interest payable and similar expenses

(12,937)

(36,792)

Profit before tax

 

556,737

793,338

Tax on profit

10

(140,927)

(250,092)

Profit for the financial year

 

415,810

543,246

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Response Recruitment Limited

(Registration number: 03229277)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

60,697

57,118

Current assets

 

Debtors

12

2,205,517

2,432,671

Cash at bank and in hand

 

6

-

 

2,205,523

2,432,671

Creditors: Amounts falling due within one year

14

(1,572,986)

(1,559,785)

Net current assets

 

632,537

872,886

Net assets

 

693,234

930,004

Capital and reserves

 

Called up share capital

2,201

2,201

Retained earnings

691,033

927,803

Shareholders' funds

 

693,234

930,004

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr J G Devine
Director

 

Response Recruitment Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

2,201

927,803

930,004

Profit for the year

-

415,810

415,810

Dividends

-

(652,580)

(652,580)

At 31 December 2023

2,201

691,033

693,234

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2,201

895,807

898,008

Profit for the year

-

543,246

543,246

Dividends

-

(511,250)

(511,250)

At 31 December 2022

2,201

927,803

930,004

 

Response Recruitment Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

415,810

543,246

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

21,821

21,133

Loss on disposal of tangible assets

4

415

-

Finance costs

12,937

36,792

Income tax expense

10

140,927

250,092

 

591,910

851,263

Working capital adjustments

 

Decrease in trade debtors

12

227,154

98,972

Increase/(decrease) in trade creditors

14

66,209

(202,052)

Cash generated from operations

 

885,273

748,183

Income taxes paid

10

(288,121)

(171,735)

Net cash flow from operating activities

 

597,152

576,448

Cash flows from investing activities

 

Acquisitions of tangible assets

(76,651)

(71,733)

Proceeds from sale of tangible assets

 

50,836

-

Net cash flows from investing activities

 

(25,815)

(71,733)

Cash flows from financing activities

 

Interest paid

(12,937)

(36,792)

Repayment of other borrowing

 

1,602

(22,004)

Dividends paid

17

(652,580)

(511,250)

Net cash flows from financing activities

 

(663,915)

(570,046)

Net decrease in cash and cash equivalents

 

(92,578)

(65,331)

Cash and cash equivalents at 1 January

 

(91,870)

(26,539)

Cash and cash equivalents at 31 December

 

(184,448)

(91,870)

 

Response Recruitment Limited

Notes to the 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:
51 Park Royal Road
London
NW10 7LQ
England

These financial statements were authorised for issue by the Board on 5 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Response Recruitment Limited

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

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

Plant and equipment

25% straight line

Fixtures and fittings

25% straight line

Motor Vehicles

25% straight line

Computers

25% straight line

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.

 

Response Recruitment Limited

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

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.

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.

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.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Rendering of services

11,117,668

12,870,923

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

(415)

-

5

Operating profit

Arrived at after charging/(crediting)

 

Response Recruitment Limited

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

2023
 £

2022
 £

Depreciation expense

21,821

21,133

Operating lease expense - plant and machinery

93,042

94,096

Loss on disposal of property, plant and equipment

415

-

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

9,170,215

10,597,109

Directors remuneration

70,183

75,420

Social security costs

646,486

733,037

Other short-term employee benefits

20,928

14,553

Pension costs, defined contribution scheme

133,939

140,524

Other employee expense

2,535

2,402

10,044,286

11,563,045

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

571

626

Administration and support

5

3

Sales

15

19

591

648

7

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £133,939 (2022 - £140,524).

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

70,183

75,420

 

Response Recruitment Limited

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

9

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

-

4,000


 

10

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

140,927

158,371

UK corporation tax adjustment to prior periods

-

92,959

140,927

251,330

Deferred taxation

Arising from origination and reversal of timing differences

-

(1,238)

Tax expense in the income statement

140,927

250,092

 

Response Recruitment Limited

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

11

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

73,838

68,333

142,171

Additions

-

76,651

76,651

Disposals

-

(68,334)

(68,334)

At 31 December 2023

73,838

76,650

150,488

Depreciation

At 1 January 2023

67,970

17,083

85,053

Charge for the year

2,658

19,163

21,821

Eliminated on disposal

-

(17,083)

(17,083)

At 31 December 2023

70,628

19,163

89,791

Carrying amount

At 31 December 2023

3,210

57,487

60,697

At 31 December 2022

5,868

51,250

57,118

12

Debtors

Current

2023
£

2022
£

Trade debtors

2,138,979

2,387,779

Other debtors

36,244

17,397

Prepayments

30,294

27,495

 

2,205,517

2,432,671

13

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

6

-

Bank overdrafts

(184,454)

(91,870)

Cash and cash equivalents in statement of cash flows

(184,448)

(91,870)

 

Response Recruitment Limited

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

14

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

15

959,794

865,608

trade creditors

 

34,381

18,606

Social security and other taxes

 

413,010

380,050

Other payables

 

16,874

(600)

Accrued expenses

 

8,000

8,000

Income tax liability

10

140,927

288,121

 

1,572,986

1,559,785

15

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank overdrafts

184,454

91,870

Other borrowings

775,340

773,738

959,794

865,608

16

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2,201

2,201

2,201

2,201

       

The Ordinary share capital is split into sixteen sub-classes, each of which are identical in value and rights. It was deemed immaterial to disclose the split, so they have been amalgamated for the purposes of this report.

17

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £296.49 (2022 - £232.28) per ordinary share

652,580

511,250

652,580

511,250

 

 

Ultimate controlling party

The ultimate controlling party is the board of directors.