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Registered number: 06112258
Suitable Candidates Ltd
Financial Statements
For The Year Ended 29 February 2024
Hames Partnership Limited
Chartered Institute of Management Accountants (CIMA)
Stables End Court
Main Street
Market Bosworth
Warwickshire
CV13 0JN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06112258
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,253 2,092
1,253 2,092
CURRENT ASSETS
Stocks 5 - 8,000
Debtors 6 386,194 439,851
Cash at bank and in hand 85,785 86,770
471,979 534,621
Creditors: Amounts Falling Due Within One Year 7 (438,274 ) (513,638 )
NET CURRENT ASSETS (LIABILITIES) 33,705 20,983
TOTAL ASSETS LESS CURRENT LIABILITIES 34,958 23,075
Creditors: Amounts Falling Due After More Than One Year 8 (44,852 ) (22,500 )
NET (LIABILITIES)/ASSETS (9,894 ) 575
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (9,895 ) 574
SHAREHOLDERS' FUNDS (9,894) 575
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James McGuinness
Director
07/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Suitable Candidates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06112258 . The registered office is 13 Seafield Road, Christchurch, Dorset, BH23 4ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 6,522
As at 29 February 2024 6,522
Depreciation
As at 1 March 2023 4,430
Provided during the period 839
As at 29 February 2024 5,269
Net Book Value
As at 29 February 2024 1,253
As at 1 March 2023 2,092
5. Stocks
2024 2023
£ £
Work in progress - 8,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 284,289 391,280
Prepayments and accrued income 4,113 1,457
Other debtors 39,713 36,022
Corporation tax recoverable assets - 4,141
Director's loan account 58,079 6,951
386,194 439,851
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,013 50,867
Bank loans and overdrafts 233,316 294,674
Corporation tax - 15,606
Other taxes and social security 3,919 3,832
VAT 99,239 107,871
Net wages 10,448 10,117
Other creditors 202 1,396
Pensions 1,582 294
Accruals and deferred income 34,555 28,981
438,274 513,638
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 44,852 22,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr James McGuinness 6,951 58,078 6,951 - 58,078
The above loan is unsecured, interest free and repayable on demand. It will be repaid in full by the 30th November 2024
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