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Registration number: 06122976

4 Recruitment Services Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

4 Recruitment Services Ltd

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

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 20

 

4 Recruitment Services Ltd

Company Information

Directors

Mr Charles William Palmer

Mr John Mocock

Company secretary

Mr Charles William Palmer

Registered office

15 Clements Court
Clements Lane
Ilford
Essex
IG1 2QY

Auditors

Paul Winston Limited
Chartered Accountants and Statutory Auditors
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

4 Recruitment Services Ltd

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 recruitment consultants

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

15,683,598

14,956,146

Gross profit margin

%

24

25

Profit before tax

£

198,521

328,084

Principal risks and uncertainties

The company's principal risks relate to the needs of the medical and social service profession, to whom recruitment services are provided.

Given the ever growing needs of that sector, the company considers the risk fairly minimal.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Mr Charles William Palmer
Company secretary and director

.........................................
Mr John Mocock
Director

 

4 Recruitment Services Ltd

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 Charles William Palmer - Company secretary and director

Mr John Mocock

Financial instruments

Objectives and policies

Financial risk is managed by tight monitoring of income and costs.

Price risk, credit risk, liquidity risk and cash flow risk

The business' activities expose it primarily to the financial risks of changes in spending policies in the medical and social market.
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade
creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of
funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash
balances are held in such a way that achieves a competitive rate of interest. The business makes use of money
market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to
customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts
presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Mr Charles William Palmer
Company secretary and director

.........................................
Mr John Mocock
Director

 

4 Recruitment Services Ltd

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.

 

4 Recruitment Services Ltd

Independent Auditor's Report to the Members of 4 Recruitment Services Ltd

Opinion

We have audited the financial statements of 4 Recruitment Services Ltd (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, 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.

 

4 Recruitment Services Ltd

Independent Auditor's Report to the Members of 4 Recruitment Services Ltd

Opinion on the failure of the original financial statements to comply with the Companies Act 2006

The original accounts do comply, but it was felt that amendments to disclosure in debtors adn creditors would be helpful in the understanding of the accounts, adn we concurred with this opinion.

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:

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

 

4 Recruitment Services Ltd

Independent Auditor's Report to the Members of 4 Recruitment Services Ltd

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.

......................................
Paul Winston (Senior Statutory Auditor)
For and on behalf of Paul Winston Limited, Statutory Auditor

Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

2 October 2024

 

4 Recruitment Services Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

15,683,598

14,956,146

Cost of sales

 

(11,986,623)

(10,993,763)

Gross profit

 

3,696,975

3,962,383

Administrative expenses

 

(3,425,216)

(3,634,299)

Operating profit

4

271,759

328,084

Interest payable and similar expenses

6

(11,930)

-

Profit before tax

 

259,829

328,084

Tax on profit

9

(61,308)

(62,336)

Profit for the financial year

 

198,521

265,748

The above results were derived from continuing operations.

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

 

4 Recruitment Services Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

198,521

265,748

Total comprehensive income for the year

198,521

265,748

 

4 Recruitment Services Ltd

(Registration number: 06122976)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

3,265

4,354

Current assets

 

Debtors

11

2,967,402

2,705,447

Cash at bank and in hand

 

113,637

111,104

 

3,081,039

2,816,551

Creditors: Amounts falling due within one year

13

(2,020,321)

(1,955,443)

Net current assets

 

1,060,718

861,108

Total assets less current liabilities

 

1,063,983

865,462

Provisions for liabilities

14

(554)

(554)

Net assets

 

1,063,429

864,908

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,063,329

864,808

Shareholders' funds

 

1,063,429

864,908

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Mr Charles William Palmer
Company secretary and director

.........................................
Mr John Mocock
Director

 

4 Recruitment Services Ltd

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

864,808

864,908

Profit for the year

-

198,521

198,521

At 31 December 2023

100

1,063,329

1,063,429

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

599,060

599,160

Profit for the year

-

265,748

265,748

At 31 December 2022

100

864,808

864,908

 

4 Recruitment Services Ltd

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

198,521

265,748

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

1,089

1,451

Finance costs

6

11,930

-

Income tax expense

9

61,308

62,336

 

272,848

329,535

Working capital adjustments

 

Increase in trade debtors

11

(261,955)

(612,678)

Decrease in trade creditors

13

(164,150)

(93,011)

Cash generated from operations

 

(153,257)

(376,154)

Income taxes paid

9

(62,614)

(38,947)

Net cash flow from operating activities

 

(215,871)

(415,101)

Cash flows from financing activities

 

Interest paid

6

(11,930)

-

Proceeds from bank borrowing draw downs

 

(79,905)

(40,139)

Repayment of other borrowing

 

310,239

437,093

Net cash flows from financing activities

 

218,404

396,954

Net increase/(decrease) in cash and cash equivalents

 

2,533

(18,147)

Cash and cash equivalents at 1 January

 

111,104

129,251

Cash and cash equivalents at 31 December

 

113,637

111,104

 

4 Recruitment Services Ltd

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.

The address of its registered office is:
15 Clements Court
Clements Lane
Ilford
Essex
IG1 2QY
United Kingdom

These financial statements were authorised for issue by the Board on 2 October 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.

 

4 Recruitment Services Ltd

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

Fixtures and fittings

25% net book value

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.

 

4 Recruitment Services Ltd

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.

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.

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
 £

Sale of goods

15,622,489

14,956,146

Grants received

61,109

-

15,683,598

14,956,146

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

1,089

1,451

5

Government grants

All the grants in the year were goverment job retention scheme grants

The amount of grants recognised in the financial statements was £Nil (2022 - £Nil).

 

4 Recruitment Services Ltd

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

6

Interest payable and similar expenses

2023
 £

2022
 £

Interest on bank overdrafts and borrowings

11,930

-

 

4 Recruitment Services Ltd

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

7

Staff costs

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

2023
£

2022
£

Wages and salaries

2,514,898

2,386,239

Social security costs

220,000

201,668

Pension costs, defined contribution scheme

82,091

57,010

Other employee expense

25,060

20,779

2,842,049

2,665,696

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

2023
No.

2022
No.

Administration and support

88

88

88

88

8

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

3,750

3,750


 

9

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

61,308

62,552

Deferred taxation

Arising from origination and reversal of timing differences

-

(216)

Tax expense in the income statement

61,308

62,336

Deferred tax

 

4 Recruitment Services Ltd

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

10

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

79,413

79,413

At 31 December 2023

79,413

79,413

Depreciation

At 1 January 2023

75,059

75,059

Charge for the year

1,089

1,089

At 31 December 2023

76,148

76,148

Carrying amount

At 31 December 2023

3,265

3,265

At 31 December 2022

4,354

4,354

11

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,719,066

2,597,587

Amounts owed by related parties

19

242,086

105,610

Other debtors

 

6,250

2,250

   

2,967,402

2,705,447

12

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

113,637

111,104

 

4 Recruitment Services Ltd

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

13

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

17

1,884,341

1,654,007

Social security and other taxes

 

56,168

221,806

Other payables

 

2,975

1,487

Accrued expenses

 

16,000

16,000

Income tax liability

9

60,837

62,143

 

2,020,321

1,955,443

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

554

554

At 31 December 2023

554

554

15

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 £82,091 (2022 - £57,010).

16

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

4 Recruitment Services Ltd

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

17

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

-

79,905

Other borrowings

1,884,341

1,574,102

1,884,341

1,654,007

18

Dividends

19

Related party transactions

Summary of transactions with other related parties

The company is related to the following companies and individuals by reason of common control or ownership:

BBL Technical Limited
John Mocock
Charles Palmer

 During the year the company paid rent to John Mocock of £35,000 (2022 £30,000) and rent to Charles Palmer of £11,049.95 (2022 £9,997). Of this, £17,500 was re-charged to other business opertaing from the premises.