Company registration number 08805349 (England and Wales)
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
160,046
172,580
Current assets
Debtors
4
484,687
599,857
Cash at bank and in hand
35,192
85,714
519,879
685,571
Creditors: amounts falling due within one year
5
(406,122)
(484,292)
Net current assets
113,757
201,279
Total assets less current liabilities
273,803
373,859
Creditors: amounts falling due after more than one year
6
(140,393)
(186,676)
Provisions for liabilities
(7,173)
(10,493)
Net assets
126,237
176,690
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
126,137
176,590
Total equity
126,237
176,690
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Mr R A Porter
Director
Company Registration No. 08805349
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Quick Staff UK Ltd (formerly Clear Sky Recruitment Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 29-31 Ton-Y-Felin Road, Caerphilly, CF83 1PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from recruitment contracts is recognised when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Office Equipment
- 20% on reducing balance
Computer equipment
- 25% on reducing balance
Motor vehicles
- 25% on reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
59
71
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings Freehold
Office & Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
120,997
58,727
56,024
235,748
Additions
8,495
8,495
Disposals
(8,495)
(8,495)
At 31 December 2023
120,997
58,727
56,024
235,748
Depreciation and impairment
At 1 January 2023
34,978
28,190
63,168
Depreciation charged in the year
5,575
6,959
12,534
At 31 December 2023
40,553
35,149
75,702
Carrying amount
At 31 December 2023
120,997
18,174
20,875
160,046
At 31 December 2022
120,997
23,749
27,834
172,580
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
218,407
334,009
Corporation tax recoverable
3,551
Other debtors
234,982
234,946
Prepayments and accrued income
27,747
30,902
484,687
599,857
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
51,352
50,782
Obligations under finance leases
277
Trade creditors
24,465
45,239
Corporation tax
16,406
Other taxation and social security
96,415
115,824
Other creditors
217,963
243,745
Accruals and deferred income
15,927
12,019
406,122
484,292
QUICK STAFF UK LTD (FORMERLY CLEAR SKY RECRUITMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 5 -
Included in other creditors above is an amount of £196,423 (2022 - £227,048) relating to a factoring account which is secured over trade debtors.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
140,393
186,676
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,308
2,903
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,000
11,000
9
Directors' transactions
Dividends totalling £1,000 (2022 - £6,000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
(10,988)
28,572
192
(4,781)
12,995
(10,988)
28,572
192
(4,781)
12,995