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Company registration number: 12367116
Ten90 Recruitment Group Limited
Unaudited filleted abridged financial statements
31 March 2024
Ten90 Recruitment Group Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Ten90 Recruitment Group Limited
Directors and other information
Directors Mrs Hamida Rogers
Mr Rupesh Chhetry (Appointed 1 April 2023)
Company number 12367116
Registered office 6th Floor AMP house
Dingwall Road
Croydon
CR0 2LX
Accountants Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
Ten90 Recruitment Group Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ten90 Recruitment Group Limited
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
4 January 2025
Ten90 Recruitment Group Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 170,301 194,201
Tangible assets 6 30,106 18,026
_______ _______
200,407 212,227
Current assets
Debtors 7 329,871 227,835
Cash at bank and in hand - 7,649
_______ _______
329,871 235,484
Creditors: amounts falling due
within one year 8 ( 613,394) ( 559,727)
_______ _______
Net current liabilities ( 283,523) ( 324,243)
_______ _______
Total assets less current liabilities ( 83,116) ( 112,016)
Creditors: amounts falling due
after more than one year 9 ( 22,780) ( 21,740)
_______ _______
Net liabilities ( 105,896) ( 133,756)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 105,906) ( 133,766)
_______ _______
Shareholders deficit ( 105,896) ( 133,756)
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 04 January 2025 , and are signed on behalf of the board by:
Mrs Hamida Rogers
Director
Company registration number: 12367116
Ten90 Recruitment Group Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 - ( 36,068) ( 36,068)
Profit/(loss) for the year ( 97,698) ( 97,698)
_______ _______ _______
Total comprehensive income for the year - ( 97,698) ( 97,698)
Issue of shares 10 10
_______ _______ _______
Total investments by and distributions to owners 10 - 10
_______ _______ _______
At 31 March 2023 and 1 April 2023 - ( 133,766) (133,766)
Profit/(loss) for the year 27,860 27,860
_______ _______ _______
Total comprehensive income for the year - 27,860 27,860
Issue of shares 10 10
_______ _______ _______
Total investments by and distributions to owners 10 - 10
_______ _______ _______
At 31 March 2024 10 ( 105,906) ( 105,896)
_______ _______ _______
Ten90 Recruitment Group Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 6th Floor AMP house, Dingwall Road, Croydon, CR0 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 8 ).
5. Intangible assets
£
Cost
At 1 April 2023 and 31 March 2024 239,001
_______
Amortisation
At 1 April 2023 44,800
Charge for the year 23,900
_______
At 31 March 2024 68,700
_______
Carrying amount
At 31 March 2024 170,301
_______
At 31 March 2023 194,201
_______
6. Tangible assets
£
Cost
At 1 April 2023 65,403
Additions 18,422
_______
At 31 March 2024 83,825
_______
Depreciation
At 1 April 2023 47,377
Charge for the year 6,342
_______
At 31 March 2024 53,719
_______
Carrying amount
At 31 March 2024 30,106
_______
At 31 March 2023 18,026
_______
7. Debtors
2024 2023
£ £
Trade debtors 225,596 210,022
Amounts owed by group undertakings and undertakings in which the company has a participating interest 89,539 -
Other debtors 14,736 17,813
_______ _______
329,871 227,835
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 218,832 146,111
Trade creditors 15,734 43,394
Corporation tax - ( 30)
Social security and other taxes 236,625 341,871
Other creditors 142,203 28,381
_______ _______
613,394 559,727
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,388 21,740
Other creditors 10,392 -
_______ _______
22,780 21,740
_______ _______
10. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mrs Hamida Rogers 13 13
Mr Rupesh Chhetry 654 -
_______ _______
667 13
_______ _______
11. Controlling party
At the balance sheet date Rupesh Chhetry & Director Mrs Hamida Rogers owns 70% and 30% shares respectively in the company. Therefore they are the ultimate controlling parties by the virture of their shares.