Company registration number 12452604 (England and Wales)
IGNITE SAP RESOURCES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
IGNITE SAP RESOURCES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IGNITE SAP RESOURCES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,886
19,430
Current assets
Debtors
4
440,766
495,856
Cash at bank and in hand
52,120
57,347
492,886
553,203
Creditors: amounts falling due within one year
5
(427,080)
(258,975)
Net current assets
65,806
294,228
Total assets less current liabilities
75,692
313,658
Creditors: amounts falling due after more than one year
6
(12,435)
(22,387)
Net assets
63,257
291,271
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
63,157
291,171
Total equity
63,257
291,271

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 16 January 2025
Mr A B Macaulay
Director
Company registration number 12452604 (England and Wales)
IGNITE SAP RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Ignite SAP Resources Ltd is a private company limited by shares incorporated in England and Wales. The registered office is PZ360 Ground Floor, St. Mary's Terrace, Penzance, Cornwall, England, TR18 4DZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the fair value of revenue receivable from the placement of permanent and contractor staff, excluding discounts, rebates, value added tax and other sales tax.

 

Turnover that relates to the recruitment of permanent placements is recognised when a candidate starts their new employment contract. Equally, a 'dropper' provision is made against the probability that the candidate will terminate their position within the 'clawback' period.

 

Turnover that relates to contractor placements is recognised over the period the contractor is provided and represents the amount invoiced for the services.

 

Where revenue has been earned but is un-billed at the balance sheet date, it is accrued and included within accrued income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33.33% and 20% straight line
Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

IGNITE SAP RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
13
IGNITE SAP RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
11,271
21,947
33,218
Additions
-
0
939
939
At 31 March 2024
11,271
22,886
34,157
Depreciation and impairment
At 1 April 2023
5,400
8,388
13,788
Depreciation charged in the year
3,437
7,046
10,483
At 31 March 2024
8,837
15,434
24,271
Carrying amount
At 31 March 2024
2,434
7,452
9,886
At 31 March 2023
5,871
13,559
19,430
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
100,564
72,067
Other debtors
24,459
21,716
Prepayments and accrued income
315,743
402,073
440,766
495,856
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
75,007
54,723
Corporation tax
5,599
51,969
Other taxation and social security
148,474
35,943
Other creditors
188,000
106,340
427,080
258,975
IGNITE SAP RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,435
22,387

As at the reporting date the company had a floating charge over all property and undertaking of the company in respect of an invoice financing arrangement.

 

7
Financial commitments, guarantees and contingent liabilities

As at the 31 March 2024 the company had financial commitments not included on the balance sheet of £19,000 (2023 : £19,000).

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