Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-05-01recruitment within the catering industry2024truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03097389 2023-05-01 2024-04-30 03097389 2022-05-01 2023-04-30 03097389 2024-04-30 03097389 2023-04-30 03097389 c:Director2 2023-05-01 2024-04-30 03097389 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 03097389 d:Buildings d:ShortLeaseholdAssets 2024-04-30 03097389 d:Buildings d:ShortLeaseholdAssets 2023-04-30 03097389 d:PlantMachinery 2023-05-01 2024-04-30 03097389 d:PlantMachinery 2024-04-30 03097389 d:PlantMachinery 2023-04-30 03097389 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03097389 d:FurnitureFittings 2023-05-01 2024-04-30 03097389 d:FurnitureFittings 2024-04-30 03097389 d:FurnitureFittings 2023-04-30 03097389 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03097389 d:ComputerEquipment 2023-05-01 2024-04-30 03097389 d:ComputerEquipment 2024-04-30 03097389 d:ComputerEquipment 2023-04-30 03097389 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03097389 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03097389 d:CurrentFinancialInstruments 2024-04-30 03097389 d:CurrentFinancialInstruments 2023-04-30 03097389 d:Non-currentFinancialInstruments 2024-04-30 03097389 d:Non-currentFinancialInstruments 2023-04-30 03097389 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03097389 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03097389 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03097389 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03097389 d:ShareCapital 2024-04-30 03097389 d:ShareCapital 2023-04-30 03097389 d:SharePremium 2024-04-30 03097389 d:SharePremium 2023-04-30 03097389 d:RetainedEarningsAccumulatedLosses 2024-04-30 03097389 d:RetainedEarningsAccumulatedLosses 2023-04-30 03097389 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03097389 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03097389 c:FRS102 2023-05-01 2024-04-30 03097389 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03097389 c:FullAccounts 2023-05-01 2024-04-30 03097389 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03097389 2 2023-05-01 2024-04-30 03097389 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03097389










Admiral Recruitment Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Admiral Recruitment Limited
Registered number: 03097389

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,363
60,203

Current assets
  

Debtors: amounts falling due within one year
 5 
891,059
1,274,941

Cash at bank and in hand
  
395,249
401,388

  
1,286,308
1,676,329

Creditors: amounts falling due within one year
 6 
(1,008,637)
(1,326,120)

Net current assets
  
 
 
277,671
 
 
350,209

Total assets less current liabilities
  
296,034
410,412

Creditors: amounts falling due after more than one year
 7 
(429,385)
(610,385)

Provisions for liabilities
  

Deferred tax
 8 
(7,952)
(7,952)

  
 
 
(7,952)
 
 
(7,952)

Net liabilities
  
(141,303)
(207,925)


Capital and reserves
  

Called up share capital 
  
180
180

Share premium account
  
20,785
20,785

Profit and loss account
  
(162,268)
(228,890)

  
(141,303)
(207,925)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.


 

Page 1

 
Admiral Recruitment Limited
Registered number: 03097389

Balance sheet (continued)
As at 30 April 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






N Rogers-Dixon
Director
Date: 31 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Admiral Recruitment Limited is a private limited company limited by shares, company number 03097389, incorporated and domiciled in England. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, United Kingdom, E1 6RA and its principal place of business is 20 Cousin Lane, London, EC4R 3TE. The company's principal activity is that of recruitment within the catering industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

In the year ended 30 April 2024, the Company made a profit before tax of £66,566 (2023: loss £340,433).
During the prior year a Company Voluntary Arrangement was put in place to preserve the company as a trading entity. This was agreed because the directors believe that there is a viable underlying business that can provide future profits for the benefit of all stakeholders, including employees, shareholders and creditors of the company. Further detail is included in note 15.
Therefore, the Directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As such the Directors are of the opinion that the Company is a going concern.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Turnover comprises income recognised by the company in respect of temporary and permanent agency staff supplied during the year, exclusive of Value Added Tax and trade discounts. 
Turnover is recognised for permanent placements on the day that the placement begins work. For temporary placements it is recognised on the date that the hours are worked.

Page 3

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the life of the lease (10 years)
Plant and machinery
-
10% on cost
Fixtures and fittings
-
25% on cost
Computer equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

  
2.6

Invoice discounting

The company has an agreement whereby its trade debtors are factored, with recourse. On the basis that the benefits and risks attaching to the debts remain within the company, the gross debts are included as an asset within trade debtors and any proceeds received in advance are included within lnvoice discounting facility as a liability.

Page 4

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 24).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 May 2023
6,269
6,526
5,482
259,468
277,745


Additions
-
-
-
6,444
6,444


Disposals
-
-
(516)
(125,508)
(126,024)



At 30 April 2024

6,269
6,526
4,966
140,404
158,165



Depreciation


At 1 May 2023
6,269
3,480
4,551
203,242
217,542


Charge for the year
-
1,659
931
45,694
48,284


Disposals
-
-
(516)
(125,508)
(126,024)



At 30 April 2024

6,269
5,139
4,966
123,428
139,802



Net book value



At 30 April 2024
-
1,387
-
16,976
18,363



At 30 April 2023
-
3,046
931
56,226
60,203


5.


Debtors

2024
2023
£
£


Trade debtors
481,351
798,512

Other debtors
135,629
196,348

Prepayments and accrued income
77,920
83,922

Corporation tax repayable
196,159
196,159

891,059
1,274,941


On 1 November 2022 the company entered into an agreement with Close Brothers Limited whereby its trade debtors are discounted, with recourse. As at the year end, the company has drawn down advances totalling £114,043 (2023: £12,477). 

Page 6

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
65,729
110,848

Other taxation and social security
662,728
673,839

Other creditors
232,121
218,886

Accruals and deferred income
48,059
322,547

1,008,637
1,326,120



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
429,385
610,385

429,385
610,385


In the prior year the company entered into a Company Voluntary Arrangement. Under this agreement the company will make monthly contributions to the Joint Supervisor for 5 year totalling  £666,401. As part of this arrangement amounts totalling £335,355 were written off the Directors' Loan Account and the remaining balance will be repaid in full in monthly instalments over 5 years. The balance that remains outstanding at the year end is £609,385 (2023: £778,385) included within note 6 and 7.


8.


Deferred taxation




2024


£






At beginning of year
(7,952)



At end of year
(7,952)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,952)
(7,952)

(7,952)
(7,952)

Page 7

 
Admiral Recruitment Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

9.


Share Option Scheme

The company operates an unapproved employee share option scheme.
In 2024, no share options lapsed (2023: 1 staff members left and 20,000 share options lapsed).
During the year, the company made share based payments of £Nil (2023: £Nil). As at the balance sheet date, the company had share options in issue of 40,000 (2023: 40,000).


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,537 (2023: £32,662). As at the year end there was £12,050 (2023: £12,409) outstanding and is included within 'other creditors' in note 6 of these financial statements.


11.


Transactions with directors

During the year the company received repayments to N Rogers-Dixon and P Rogers-Dixon, two of the directors of the company, totalling £176,385 (2023: £80,369) and paid expenses on their behalf of £Nil (2023: £40,369). lnterest charged on the year end balance totalled £Nil (2022: £Nil). Amounts totalling £Nil (2023: £335,355) were written off as part of the CVA agreement (Note 7).
At the balance sheet date N Rogers-Dixon and P Rogers-Dixon owed the company £Nil (2023: £176,385) included within debtors on the balance sheet. lnterest is charged on the loans at the official rate of interest as set by HMRC. The conditions of all loans are that they are subject to the approval of the shareholders and should be repaid within 9 months of the end of the accounting period.


Page 8