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COMPANY REGISTRATION NUMBER: 07055014
NEW RECRUITS PROFESSIONAL SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
NEW RECRUITS PROFESSIONAL SERVICES LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
80,756
79,056
Current assets
Debtors
6
2,815,904
2,744,934
Cash at bank and in hand
52,770
97,457
-----------
-----------
2,868,674
2,842,391
Creditors: amounts falling due within one year
7
( 2,800,964)
( 2,178,439)
-----------
-----------
Net current assets
67,710
663,952
--------
--------
Total assets less current liabilities
148,466
743,008
Creditors: amounts falling due after more than one year
8
( 98,157)
( 131,179)
Provisions
Taxation including deferred tax
( 4,010)
( 6,620)
--------
--------
Net assets
46,299
605,209
--------
--------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
46,297
605,207
-------
--------
Shareholders funds
46,299
605,209
-------
--------
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 profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 29 October 2024 , and are signed on behalf of the board by:
S D McCarthy
Director
Company registration number: 07055014
NEW RECRUITS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 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 11 Church Lane, Banbury, OX16 5LR.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
After reviewing the company's position, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for 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.
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fixtures and fittings
-
25% Reducing balance
Motor Vehicles
-
25% Reducing balance
Equipment
-
25% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accruals model. Under the accruals model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable and is included within other operating income.
Financial instruments
Basic financial assets, which include trade and other receivables, loans to associated companies and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 489 (2022: 372 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
6,966
178,602
58,327
243,895
Additions
28,687
1,505
30,192
Disposals
( 26,500)
( 26,500)
------
--------
-------
--------
At 31 October 2023
6,966
180,789
59,832
247,587
------
--------
-------
--------
Depreciation
At 1 November 2022
5,726
109,894
49,219
164,839
Charge for the year
310
20,714
2,490
23,514
Disposals
( 21,522)
( 21,522)
------
--------
-------
--------
At 31 October 2023
6,036
109,086
51,709
166,831
------
--------
-------
--------
Carrying amount
At 31 October 2023
930
71,703
8,123
80,756
------
--------
-------
--------
At 31 October 2022
1,240
68,708
9,108
79,056
------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,012,139
1,632,647
Other debtors
803,765
1,112,287
-----------
-----------
2,815,904
2,744,934
-----------
-----------
Included within trade debtors are balances totalling £2,012,139 (2022: £1,632,647) that are subject to factoring arrangements. These trade debtor balances have been transferred to the counterparty, though the transaction does not qualify for derecognition on the basis that the late payment risk is retained by the company. The associated liability recognised in other creditors amounts to £472,700 (2022: £373,761).
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,022
29,455
Trade creditors
24,712
6,689
Corporation tax
110,658
74,921
Social security and other taxes
1,351,972
1,307,261
Other creditors
1,280,600
760,113
-----------
-----------
2,800,964
2,178,439
-----------
-----------
Other creditors include liabilities totalling £472,700 (2022: £373,761) which are secured on the book debts of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
98,157
131,179
-------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
59,500
59,500
Later than 1 year and not later than 5 years
28,250
79,250
-------
--------
87,750
138,750
-------
--------
The amount recognised in the profit and loss account as an expense in relation to operating leases was £58,650 (2022: £63,690).
11. Director's advances, credits and guarantees
During the year £292,621 (2022: £237,356) was advanced to the director of the company. The amount was repayable on demand. During the year £385,241 (2022: £236,992) was repaid by the director of the company. The amount owed by the company at the year end was £nil (2022: £92,620 owed by the director).
12. Related party transactions
Information about related party transactions and outstanding balances are outlined below:
31 Oct 23 31 Oct 22
£ £
Amounts owed to/(from) key management personnel £629 £(92,620)
Dividends paid to key management personnel £320,000 £180,000
Rent purchased from other related parties £22,000 £22,000
Amounts due from other related parties £764,963 £982,247