Company registration number 01701950 (England and Wales)
PWE RECRUITMENT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PWE RECRUITMENT GROUP LIMITED
COMPANY INFORMATION
Director
Mr S R Smith
Secretary
Mr L Newman
Company number
01701950
Registered office
Newman & Co
Chartered Accountants
7 Hungate
Beccles
Suffolk
NR34 9TT
Accountants
Waveney Accountants Limited
T/as Newman & Co
Chartered Accountants
7 Hungate
Beccles
Suffolk
NR34 9TT
Business address
32 Blyburgate
Beccles
Suffolk
NR34 9TB
PWE RECRUITMENT GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PWE RECRUITMENT GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
66,285
64,382
Current assets
Stocks
-
14,213
Debtors
5
1,098,016
1,017,073
Cash at bank and in hand
34,053
10,333
1,132,069
1,041,619
Creditors: amounts falling due within one year
6
(710,881)
(562,051)
Net current assets
421,188
479,568
Total assets less current liabilities
487,473
543,950
Provisions for liabilities
(12,594)
(15,094)
Net assets
474,879
528,856
Capital and reserves
Called up share capital
52
52
Capital redemption reserve
75
75
Profit and loss reserves
474,752
528,729
Total equity
474,879
528,856

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 18 October 2024
Mr S R Smith
Director
Company registration number 01701950 (England and Wales)
PWE RECRUITMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

PWE Recruitment Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newman & Co, Chartered Accountants, 7 Hungate, Beccles, Suffolk, NR34 9TT.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PWE RECRUITMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

PWE RECRUITMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (including directors) employed by the company during the year was 9 (2023 - 7).

2024
2023
Number
Number
Total
9
7

In addition to the 7 permanent staff, there are an average of 18 agency staff paid through the company as a chargeable service (2022 - 34).

PWE RECRUITMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
56,150
49,467
105,617
Additions
23,998
-
0
23,998
At 31 March 2024
80,148
49,467
129,615
Depreciation and impairment
At 1 April 2023
27,886
13,349
41,235
Depreciation charged in the year
13,065
9,030
22,095
At 31 March 2024
40,951
22,379
63,330
Carrying amount
At 31 March 2024
39,197
27,088
66,285
At 31 March 2023
28,264
36,118
64,382
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,055,571
857,533
Other debtors
42,445
159,540
1,098,016
1,017,073

Included within other debtors are secured debtors relating to invoice discounting £127 (2022 - £138,164). The invoice discounting debtor is secured on the book debts included in trade debtors.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
284,916
325,247
Taxation and social security
191,129
163,296
Other creditors
234,836
73,508
710,881
562,051
2024-03-312023-04-01false18 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr S R SmithMr L Newmanfalsefalse017019502023-04-012024-03-3101701950bus:Director12023-04-012024-03-3101701950bus:CompanySecretary12023-04-012024-03-3101701950bus:RegisteredOffice2023-04-012024-03-31017019502024-03-31017019502023-03-3101701950core:FurnitureFittings2024-03-3101701950core:MotorVehicles2024-03-3101701950core:FurnitureFittings2023-03-3101701950core:MotorVehicles2023-03-3101701950core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3101701950core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101701950core:CurrentFinancialInstruments2024-03-3101701950core:CurrentFinancialInstruments2023-03-3101701950core:ShareCapital2024-03-3101701950core:ShareCapital2023-03-3101701950core:CapitalRedemptionReserve2024-03-3101701950core:CapitalRedemptionReserve2023-03-3101701950core:RetainedEarningsAccumulatedLosses2024-03-3101701950core:RetainedEarningsAccumulatedLosses2023-03-3101701950core:FurnitureFittings2023-04-012024-03-3101701950core:MotorVehicles2023-04-012024-03-31017019502022-04-012023-03-3101701950core:FurnitureFittings2023-03-3101701950core:MotorVehicles2023-03-31017019502023-03-3101701950core:WithinOneYear2024-03-3101701950core:WithinOneYear2023-03-3101701950bus:PrivateLimitedCompanyLtd2023-04-012024-03-3101701950bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101701950bus:FRS1022023-04-012024-03-3101701950bus:AuditExemptWithAccountantsReport2023-04-012024-03-3101701950bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP