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COMPANY REGISTRATION NUMBER: 05005919
PRECISION RECRUITMENT UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PRECISION RECRUITMENT UK LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 FEBRUARY 2023 TO 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
PRECISION RECRUITMENT UK LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J L Walker
P Walker
Registered office
Precision House Meridian East
Meridian Business Park
Leicester
LE19 1WZ
Accountants
Wilkins Southworth
Chartered Certified Accountants
10-12 High Street
Barnes
London
SW13 9LW
PRECISION RECRUITMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
31 Jan 23
Note
£
£
£
FIXED ASSETS
Tangible assets
5
153,697
214,718
CURRENT ASSETS
Debtors
6
1,510,868
1,316,895
Cash at bank and in hand
50,056
31,422
--------------
--------------
1,560,924
1,348,317
CREDITORS: amounts falling due within one year
7
( 1,271,893)
( 1,178,357)
--------------
--------------
NET CURRENT ASSETS
289,031
169,960
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
442,728
384,678
CREDITORS: amounts falling due after more than one year
8
( 70,933)
( 172,008)
PROVISIONS
( 37,681)
( 52,885)
-----------
-----------
NET ASSETS
334,114
159,785
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
334,014
159,685
-----------
-----------
SHAREHOLDERS FUNDS
334,114
159,785
-----------
-----------
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 income statement has not been delivered.
For the period ending 31 December 2023 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 period 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 .
PRECISION RECRUITMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
P Walker
Director
Company registration number: 05005919
PRECISION RECRUITMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 FEBRUARY 2023 TO 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Precision House Meridian East, Meridian Business Park, Leicester, LE19 1WZ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 period amounted to 14 (2023: 13 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
111,342
12,034
117,992
209,300
118,357
569,025
Additions
3,000
30,413
2,451
35,864
Disposals
( 83,325)
( 83,325)
-----------
---------
-----------
-----------
-----------
-----------
At 31 Dec 2023
114,342
12,034
148,405
125,975
120,808
521,564
-----------
---------
-----------
-----------
-----------
-----------
Depreciation
At 1 Feb 2023
77,654
12,034
109,141
65,029
90,449
354,307
Charge for the period
9,939
7,147
24,407
8,847
50,340
Disposals
( 36,780)
( 36,780)
-----------
---------
-----------
-----------
-----------
-----------
At 31 Dec 2023
87,593
12,034
116,288
52,656
99,296
367,867
-----------
---------
-----------
-----------
-----------
-----------
Carrying amount
At 31 Dec 2023
26,749
32,117
73,319
21,512
153,697
-----------
---------
-----------
-----------
-----------
-----------
At 31 Jan 2023
33,688
8,851
144,271
27,908
214,718
-----------
---------
-----------
-----------
-----------
-----------
6. Debtors
31 Dec 23
31 Jan 23
£
£
Trade debtors
545,287
309,039
Amounts owed by group undertakings and undertakings in which the company has a participating interest
846,463
866,321
Other debtors
119,118
141,535
--------------
--------------
1,510,868
1,316,895
--------------
--------------
7. Creditors: amounts falling due within one year
31 Dec 23
31 Jan 23
£
£
Bank loans and overdrafts
105,308
95,742
Trade creditors
25,515
93,060
Corporation tax
31,259
6,540
Social security and other taxes
162,373
109,522
Other creditors
947,438
873,493
--------------
--------------
1,271,893
1,178,357
--------------
--------------
8. Creditors: amounts falling due after more than one year
31 Dec 23
31 Jan 23
£
£
Bank loans and overdrafts
56,678
153,623
Other creditors
14,255
18,385
---------
-----------
70,933
172,008
---------
-----------
The bank loans are secured over the assets of the company. Obligations under finance leases are secured against the assets to which they relate. The company operates without recourse invoice discounting facility and is secured against the company's book debts in favour of Lloyds Bank Commercial Finance Limited.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
31 Jan 23
£
£
Later than 1 year and not later than 5 years
128,205
192,000
-----------
-----------
10. Controlling party
The immediate and ultimate parent undertaking is Precision Investments Group Ltd, a company incorporated in England. The address of its registered office is Precision House, Meridian East, Meridian Business Park, Leicester, LE19 1WZ