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REGISTERED NUMBER: 03611213 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

Personnel Recruitment Services Limited

Personnel Recruitment Services Limited (Registered number: 03611213)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Personnel Recruitment Services Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D C Horsfall
Mrs M Horsfall





REGISTERED OFFICE: 43 Church Lane
Pudsey
Leeds
West Yorkshire
LS28 7RR





REGISTERED NUMBER: 03611213 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Personnel Recruitment Services Limited (Registered number: 03611213)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 369 493
369 493

CURRENT ASSETS
Debtors 6 401,160 586,357
Cash at bank 49,475 46,744
450,635 633,101
CREDITORS
Amounts falling due within one year 7 247,506 303,859
NET CURRENT ASSETS 203,129 329,242
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,498

329,735

CREDITORS
Amounts falling due after more than one
year

8

(30,046

)

(35,509

)

PROVISIONS FOR LIABILITIES (92 ) (102 )
NET ASSETS 173,360 294,124

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 173,260 294,024
SHAREHOLDERS' FUNDS 173,360 294,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Personnel Recruitment Services Limited (Registered number: 03611213)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





D C Horsfall - Director


Personnel Recruitment Services Limited (Registered number: 03611213)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Personnel Recruitment Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services excluding value added tax. Revenue is recognised when the company obtains the right to receive consideration for services provided.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of a business in 2008, is being amortised over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit & loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Personnel Recruitment Services Limited (Registered number: 03611213)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 186 (2023 - 276 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 40,000
AMORTISATION
At 1 March 2023
and 29 February 2024 40,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 6,721 2,352 9,073
DEPRECIATION
At 1 March 2023 6,280 2,300 8,580
Charge for year 110 14 124
At 29 February 2024 6,390 2,314 8,704
NET BOOK VALUE
At 29 February 2024 331 38 369
At 28 February 2023 441 52 493

Personnel Recruitment Services Limited (Registered number: 03611213)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 168,407 449,927
Amounts owed by group undertakings 217,360 11,700
Other debtors 15,393 124,730
401,160 586,357

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 5,463 5,463
Trade creditors 15,972 9,948
Taxation and social security 58,425 105,593
Other creditors 167,646 182,855
247,506 303,859

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 30,046 35,509

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,194 13,657

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Invoice discounting 57,529 -

The invoice discounter holds an all assets debenture. The floating charge covers all the property or undertaking of the company. The charge also contains a negative pledge.