IRIS Accounts Productionv24.3.0.55303708452Board of Directors1.4.2331.3.2431.3.24provision of recruitment services.truefalsetruetruefalsefalsetruetruetruetruetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037084522023-03-31037084522024-03-31037084522023-04-012024-03-31037084522022-03-31037084522022-04-012023-03-31037084522023-03-3103708452ns15:EnglandWales2023-04-012024-03-3103708452ns14:PoundSterling2023-04-012024-03-3103708452ns10:Director12023-04-012024-03-3103708452ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103708452ns10:FRS1022023-04-012024-03-3103708452ns10:Audited2023-04-012024-03-3103708452ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3103708452ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3103708452ns10:FullAccounts2023-04-012024-03-3103708452ns10:Director22023-04-012024-03-3103708452ns10:Director32023-04-012024-03-3103708452ns10:CompanySecretary12023-04-012024-03-3103708452ns10:RegisteredOffice2023-04-012024-03-3103708452ns5:RetainedEarningsAccumulatedLosses2023-03-3103708452ns5:RetainedEarningsAccumulatedLosses2022-03-3103708452ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3103708452ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103708452ns5:RetainedEarningsAccumulatedLosses2024-03-3103708452ns5:RetainedEarningsAccumulatedLosses2023-03-3103708452ns5:CurrentFinancialInstruments2024-03-3103708452ns5:CurrentFinancialInstruments2023-03-3103708452ns5:Non-currentFinancialInstruments2024-03-3103708452ns5:Non-currentFinancialInstruments2023-03-3103708452ns5:ShareCapital2024-03-3103708452ns5:ShareCapital2023-03-3103708452ns5:ReportableOperatingSegment12023-04-012024-03-3103708452ns5:ReportableOperatingSegment12022-04-012023-03-3103708452ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3103708452ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3103708452ns15:UnitedKingdom2023-04-012024-03-3103708452ns15:UnitedKingdom2022-04-012023-03-3103708452ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3103708452ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3103708452ns5:OwnedAssets2023-04-012024-03-3103708452ns5:OwnedAssets2022-04-012023-03-3103708452ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3103708452ns5:FurnitureFittings2023-03-3103708452ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3103708452ns5:FurnitureFittings2023-04-012024-03-3103708452ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3103708452ns5:FurnitureFittings2024-03-3103708452ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3103708452ns5:FurnitureFittings2023-03-3103708452ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103708452ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103708452ns5:CurrentFinancialInstruments2023-04-012024-03-3103708452ns5:WithinOneYear2024-03-3103708452ns5:WithinOneYear2023-03-3103708452ns5:BetweenOneFiveYears2024-03-3103708452ns5:BetweenOneFiveYears2023-03-3103708452ns5:AllPeriods2024-03-3103708452ns5:AllPeriods2023-03-3103708452ns5:DeferredTaxation2023-03-3103708452ns5:DeferredTaxation2024-03-31

REGISTERED NUMBER: 03708452 (England and Wales)













FASTSTREAM RECRUITMENT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024











Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

5



Statement of Income and Retained Earnings  

9



Statement of Financial Position  

10



Notes to the Financial Statements

11




FASTSTREAM RECRUITMENT LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024









DIRECTORS:

M Charman


C D E Bramley


R L Farndell




SECRETARY:

M L Charman




REGISTERED OFFICE:

Waterside Place


5 Town Quay


Southampton


Hampshire


SO14 2AQ




REGISTERED NUMBER:

03708452 (England and Wales)




SENIOR STATUTORY AUDITOR:

Matt Cooper ACA




AUDITORS:

Hopper Williams & Bell Limited


Statutory Auditor


Highland House


Mayflower Close


Chandler's Ford


Eastleigh


Hampshire


SO53 4AR




BANKERS:

HSBC Bank PLC


Eastleigh


3 Leigh Road


Eastleigh


Hampshire


SO50 9YW


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024



The directors present their strategic report for the year ended 31 March 2024.


PRINCIPAL ACTIVITY

The company's principal activity continues to be that of the provision of recruitment services.


REVIEW OF BUSINESS

The results of the company, as set out of page 9, show a profit on ordinary activities before tax of £806 (2023: £601,429). The shareholders' funds of the company total £1,544,682 (2023: £2,036,581).


The performance of the Company was down on the previous year's results as a result of a dip in NFI combined with inflationary pressure on key costs such as salaries. The Company had already improved its performance in the second half of the year and post year end performance has been robust.


The Company continues to review overheads and make efficiency savings wherever possible without affecting operational performance and the Company's speed of response.


Financial key performance indicators

The board monitors the progress of the company by reference to the following KPIs:



2024


2023



Net fee income


£6.0m


£6.6m


Gross sales less cost of contractors


Contract %


12.8%


6.2%


Percentage of NFI that contract represents


Overseas sales %


49.4%


42.5%


Percentage of sales derived from non UK markets


Return on capital employed


0.0%


21.6%


Profit for year after tax in relation to average equity

shareholder funds



PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and on-going review by management. Compliance with regulation, legal and ethical standards is a high priority for the Group.


The principle risks from our business arise from inaccurate pricing; inadequate funding for contract sales; exposure to currency fluctuations; and staff turnover.


FUTURE DEVELOPMENTS

The company is currently researching new markets to expand its overseas operations.


ON BEHALF OF THE BOARD:






M Charman - Director



26 November 2024


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2024



The directors present their report with the financial statements of the company for the year ended 31 March 2024.


DIVIDENDS

Dividends amounting to £500,000 (2023: £500,000) were paid during the year.


FUTURE DEVELOPMENTS

Information in respect of the company's future developments has been included within the strategic report.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.


M Charman

C D E Bramley

R L Farndell


DIRECTOR'S INDEMNITY INSURANCE

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.


Risk management

The activities of the business expose it to a number of financial risks including credit risk, liquidity risk and price risk. The business has robust controls & procedures to mitigate these risks, which are detailed below:


Credit risk

The financial assets of the business are bank balances, cash and amounts receivable. Receivables are closely monitored to ensure prompt settlement of amounts outstanding, with internal processes to identify any at risk amounts.


Liquidity risk

The business mitigates liquidity risk through careful review of cashflows on a debtor by debtor basis, together with robust cash forecasting to identify any potential liquidity risks.


Price risk

The business is exposed to price risk in the form of labour wages. The business mitigates this risk through close monitoring of  wages against the level of net fee income.


STATEMENT OF DIRECTORS' RESPONSIBILITIES


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2024


STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for preparing the strategic report, the directors’ report and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period.


In preparing these financial statements, the directors are required to:


- select suitable accounting policies and then apply them consistently;


- make judgements and accounting estimates that are reasonable and prudent;


- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and


- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company   will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






M Charman - Director



26 November 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FASTSTREAM RECRUITMENT LIMITED



Opinion

We have audited the financial statements of Faststream Recruitment Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FASTSTREAM RECRUITMENT LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FASTSTREAM RECRUITMENT LIMITED



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


-  We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.


- We obtained an understanding of how the company is complying with these frameworks through discussions with management.


- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.


- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.


- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FASTSTREAM RECRUITMENT LIMITED



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Matt Cooper ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR


27 November 2024


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2024


2024

2023



Notes

£

£


TURNOVER

3

18,624,280


14,279,530




Cost of sales

(16,180,143

)

(11,551,175

)


GROSS PROFIT

2,444,137


2,728,355




Administrative expenses

(2,443,331

)

(2,126,926

)


OPERATING PROFIT and


PROFIT BEFORE TAXATION

806


601,429




Tax on profit

7

7,295


(156,113

)


PROFIT FOR THE FINANCIAL YEAR

8,101


445,316




Retained earnings at beginning of year

2,026,581


2,081,265




Dividends

8

(500,000

)

(500,000

)



RETAINED EARNINGS AT END OF

YEAR

1,534,682


2,026,581




FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


STATEMENT OF FINANCIAL POSITION

31 MARCH 2024


2024

2023



Notes

£

£

FIXED ASSETS

Tangible assets

9

77,865


99,956




CURRENT ASSETS

Debtors: amounts falling due within one year

10

2,805,834


2,326,303



Debtors: amounts falling due after more than

one year

10

42,500


42,500



Cash at bank and in hand

383,196


1,347,439



3,231,530


3,716,242



CREDITORS

Amounts falling due within one year

11

(1,753,627

)

(1,761,236

)


NET CURRENT ASSETS

1,477,903


1,955,006



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,555,768


2,054,962




PROVISIONS FOR LIABILITIES

13

(11,086

)

(18,381

)


NET ASSETS

1,544,682


2,036,581




CAPITAL AND RESERVES

Called up share capital

14

10,000


10,000



Retained earnings

15

1,534,682


2,026,581



1,544,682


2,036,581




The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:






M Charman - Director



FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024



1.

STATUTORY INFORMATION



Faststream Recruitment 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.



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 £1.



The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.



The principal accounting policies adopted are set out below.



Going Concern


The directors have concluded that with the right management actions the group is a going concern for at least 12 months following the signature of the financial statements. Accordingly, the directors have prepared the financial statements on this basis.



Critical accounting judgements and key sources of estimation uncertainty


In the application of the company's accounting policies, the directors are 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 from 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.



The directors do not believe there are any material judgements on key sources of estimation uncertainty in the financial statements



Financial reporting standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows;



the requirement of paragraph 3.17(d);



the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and

11.48(c);



the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.30;



the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;



the requirement of paragraph 33.7.



This information is included in the consolidated financial statements of Faststream Holdings Limited as at 31 March 2024 and these financial statements may be obtained from its registered office, Waterside Place, 5 Town Quay, Southampton, Hampshire, SO14 2AQ.


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



2.

ACCOUNTING POLICIES - continued



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Over the length of the lease
Fixtures and fittings - 33% on cost and 15% Reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

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).

Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



2.

ACCOUNTING POLICIES - continued



Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Impairment of financial assets
Financial assets measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



2.

ACCOUNTING POLICIES - continued


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 Statement of Financial Position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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.


Foreign currency transactions and balances

Functional and presentation currency
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in 'sterling', which is the company's functional and presentation currency.

Transactions and balances
Foreign currency transactions are translated into the company's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of income and retained earnings.

Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the statement of income and retained earnings within finance income or costs. All other foreign exchange gains and losses are presented in the statement of income and retained earnings within administrative expenses.


Operating leasing commitments


Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings 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.


Cash and cash equivalents


Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on  notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than  three months from the date of acquisition and that are readily convertible to known amounts of cash with  insignificant risk of change in value.



Borrowing costs


All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.


FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by class of business is given below:


2024

2023



£

£


Recruitment services

18,624,280


14,279,530



18,624,280


14,279,530





An analysis of turnover by geographical market is given below:


2024

2023



£

£


United Kingdom

9,433,498


8,174,565




Rest of the world

9,190,782


6,104,965



18,624,280


14,279,530




4.

EMPLOYEES AND DIRECTORS

2024

2023



£

£


Wages and salaries

4,684,432


4,505,241




Social security costs

557,867


598,248




Other pension costs

209,231


179,896



5,451,530


5,283,385





The average number of employees during the year was as follows:

2024

2023




Directors

3


3




Sales consultants and other staff

77


80



80


83




FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



4.

EMPLOYEES AND DIRECTORS - continued



Directors Remuneration





2024



2023





£



£




Remuneration for qualifying services


513,060



483,649




Company pension contributions to defined contribution schemes


48,425



44,985





561,485



528,634





The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).



Remuneration disclosed above include the following amounts paid to the highest paid director:




2024



2023





£



£




Remuneration for qualifying services


267,809



249,489




Company pension contributions to defined contribution schemes


25,700



23,869





293,509



273,358




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):


2024

2023



£

£


Other operating leases

231,600


190,200




Depreciation - owned assets

42,053


40,081




Foreign exchange differences

(14,478

)

(48,731

)



6.

AUDITORS' REMUNERATION

2024

2023



£

£


Fees payable to the company's auditors for the audit of the company's

financial statements

11,350


11,500




Auditors' remuneration for non audit work

3,500


3,500




FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



7.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the profit for the year was as follows:

2024

2023



£

£


Current tax:


UK corporation tax

-


104,855




Prior year (over)/under


provision

-


10,419




Total current tax

-


115,274





Deferred tax

(7,295

)

40,839




Tax on profit

(7,295

)

156,113





UK corporation tax has been charged at 25% (2023 - 19%).



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:


2024

2023



£

£


Profit before tax

806


601,429




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 19%)  

202


114,272





Effects of:


Expenses not deductible for tax purposes

3,463


5,189




Income not taxable for tax purposes

(11,313

)

-




Capital allowances in excess of depreciation

-


(14,606

)



Depreciation in excess of capital allowances

4,973


-




Adjustment in respect of prior periods corporation tax  

-


10,419




Adjustment in respect of prior periods deferred tax  

-


13,014




Movement in accelerated capital allowances  

(4,620

)

27,825




relieved



Total tax (credit)/charge

(7,295

)

156,113




8.

DIVIDENDS


20242023
££
Final dividends500,000500,000

FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



9.

TANGIBLE FIXED ASSETS

Fixtures


Short

and


leasehold

fittings

Totals



£

£

£


COST


At 1 April 2023

15,447


241,732


257,179




Additions

-


19,962


19,962




At 31 March 2024

15,447


261,694


277,141




DEPRECIATION


At 1 April 2023

9,266


147,957


157,223




Charge for year

1,549


40,504


42,053




At 31 March 2024

10,815


188,461


199,276




NET BOOK VALUE


At 31 March 2024

4,632


73,233


77,865




At 31 March 2023

6,181


93,775


99,956




10.

DEBTORS

2024

2023



£

£


Amounts falling due within one year:


Trade debtors

1,779,793


1,475,268




Amounts owed by group undertakings

37,871


5,398




Other debtors

559,443


411,859




Prepayments and accrued income

428,727


433,778



2,805,834


2,326,303





Amounts falling due after more than one year:


Other debtors

42,500


42,500





Aggregate amounts

2,848,334


2,368,803




Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023



£

£


Trade creditors

142,305


110,511




Amounts owed to group undertakings

-


59,090




Corporation tax

-


104,854




Social security and other taxes

709,477


602,109




Other creditors

171,031


249,733




Accruals and deferred income

730,814


634,939



1,753,627


1,761,236




Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

12.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023



£

£


Within one year

178,400


178,400




Between one and five years

350,900


520,900



529,300


699,300




13.

PROVISIONS FOR LIABILITIES

2024

2023



£

£


Deferred tax

11,086


18,381




Deferred tax



£


Balance at 1 April 2023

18,381




Decelerated capital allowances

(4,620

)



Trading losses

(2,675

)



Balance at 31 March 2024

11,086




The net reversal of deferred tax liabilities expected in the year ended 31 March 2025 is £10,755 (2024: £10,678). This is expected to arise because depreciation is anticipated to be higher than the available capital allowances. However it should be noted that further reversals (or further increases in deferred balances) may arise as a result of capital additions and/ or financial instruments. As the future deferred tax balances, if any, will be dependant on future changes in fair value of assets and liabilities, it is not possible to estimate any further future reversals.

FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



14.

CALLED UP SHARE CAPITAL



Alloted, issued and fully paid:


Number:


Class:


Nominal value:


2023



2022





£



£




1,000,000


Ordinary


£0.01


10,000



10,000





The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. All shares were issued at their nominal value and are entitled to dividends.


15.

RESERVES

Retained


earnings



£



At 1 April 2023

2,026,581




Profit for the year

8,101




Dividends

(500,000

)



At 31 March 2024

1,534,682




16.

PENSION COMMITMENTS


The company operates a retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount recognised in the Statement of Income and Retained Earnings as an expense in relation to the company's defined contribution scheme is £209,231 (2023: £179,896). At the year-end there were contributions outstanding totalling £17,230 (2023: £18,674).

17.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



During the year close family members of key management personnel were employed by the company and received salaries and other employment costs for services provided to the company of £65,220 (2023: £62,373).



Key management personnel include all directors and one non-director. The total compensation paid to key management personnel for services provided to the company was £848,829  (2023: £851,631).


There were no outstanding balances due to key management personnel at year end.


18.

CONTROLLING PARTY



The ultimate parent undertaking is Faststream Holdings Limited by virtue of its ownership of 100% of the equity share capital. Faststream Holdings Limited is a company incorporated in England and Wales which is controlled by  M Charman, a director who owns 88% of the issued share capital of the company. The largest and smallest group for which consolidated accounts are prepared is that issued by Faststream Holdings Limited. The registered office of Faststream Holdings Limited is the same as Faststream Recruitment Limited.