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COMPANY REGISTRATION NUMBER: 13937616
Altgen Recruitment Limited
Filleted Unaudited Financial Statements
29 February 2024
Altgen Recruitment Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Altgen Recruitment Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
3,162
3,190
Cash at bank and in hand
34,591
100
--------
-------
37,753
3,290
Creditors: amounts falling due within one year
6
114,096
100,765
---------
---------
Net current liabilities
76,343
97,475
--------
--------
Total assets less current liabilities
( 76,343)
( 97,475)
--------
--------
Net liabilities
( 76,343)
( 97,475)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 76,443)
( 97,575)
--------
--------
Shareholders deficit
( 76,343)
( 97,475)
--------
--------
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 comprehensive income has not been delivered.
For the year ending 29 February 2024 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 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 20 June 2024 , and are signed on behalf of the board by:
Ms P J Gibson
Director
Company registration number: 13937616
Altgen Recruitment Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
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.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 1 (2023: 3 ).
5. Debtors
2024
2023
£
£
Trade debtors
1,448
Other debtors
1,714
3,190
-------
-------
3,162
3,190
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
241
350
Amounts owed to group undertakings and undertakings in which the company has a participating interest
7,825
Social security and other taxes
26,439
3,926
Other creditors
79,591
96,489
---------
---------
114,096
100,765
---------
---------
7. Directors' advances, credits and guarantees
At the year end the company owed the directors £77,991(2023: £94,889).