REGISTERED NUMBER: |
FASTSTREAM RECRUITMENT LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
BANKERS: |
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: |
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. |
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 |
|
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: |
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. |
for and on behalf of |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( | ) | ( | ) |
GROSS PROFIT |
Administrative expenses | ( | ) | ( | ) |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( | ) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 8 | ( | ) | ( | ) |
RETAINED EARNINGS AT END OF YEAR |
FASTSTREAM RECRUITMENT LIMITED (REGISTERED NUMBER: 03708452) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 10 |
Debtors: amounts falling due after more than one year | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Rest of the world | 9,190,782 | 6,104,965 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 3 | 3 |
Sales consultants and other staff | 77 | 80 |
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 |
Depreciation - owned assets |
Foreign exchange differences | ( | ) | ( | ) |
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 |
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 |
Prior year (over)/under |
provision | - | 10,419 |
Total current tax |
Deferred tax | ( | ) |
Tax on profit | ( | ) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( | ) |
Capital allowances in excess of depreciation | - | ( | ) |
Depreciation in excess of capital allowances | - |
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 |
2024 | 2023 |
£ | £ |
Final dividends | 500,000 | 500,000 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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 |
Between one and five years |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 11,086 | 18,381 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Decelerated capital allowances | (4,620 | ) |
Trading losses | (2,675 | ) |
Balance at 31 March 2024 |
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 |
Profit for the year |
Dividends | ( | ) |
At 31 March 2024 |
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. |