2023-05-012024-04-302024-04-30false06748241RECRUITMENT TEAM NINE 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RECRUITMENT TEAM NINE LIMITED

Registered Number
06748241
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

RECRUITMENT TEAM NINE LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Bostock, A
Bostock, J
Pope, S

Company Secretary

Bostock, A

Registered Address

Stag House First Floor South Suite
Old London Road
Hertford
SG13 7LA

Registered Number

06748241 (England and Wales)
RECRUITMENT TEAM NINE LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets421,11819,257
21,11819,257
Current assets
Debtors51,910,7221,425,526
Cash at bank and on hand59,96947,771
1,970,6911,473,297
Creditors amounts falling due within one year6(1,356,898)(872,553)
Net current assets (liabilities)613,793600,744
Total assets less current liabilities634,911620,001
Creditors amounts falling due after one year7(13,297)(23,205)
Provisions for liabilities8(2,290)(3,614)
Net assets619,324593,182
Capital and reserves
Called up share capital100100
Profit and loss account619,224593,082
Shareholders' funds619,324593,182
The financial statements were approved and authorised for issue by the Board of Directors on 30 January 2025, and are signed on its behalf by:
Pope, S
Director
Registered Company No. 06748241
RECRUITMENT TEAM NINE LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The registered office is Stag House, First Floor South Suite, Old London Road, Hertford, United Kingdom, SG13 7LA.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue from rendering of services
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue will be reliably measured. Revenue 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 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 uner the contract; • the stage of completion of the contract at the end of the reporting period can be measured relaibly; and • the costs incurred and the costs to complete the contract can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.
Finance costs
Finance costs are charged to the Statement of income and retained earnings 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 reduction in the proceeds of the associated capital instrument.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Finance leases and hire purchase contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Average number of employees

20242023
Average number of employees during the year4539
3.Intangible assets

Total

£
Cost or valuation
At 01 May 2332,027
At 30 April 2432,027
Amortisation and impairment
At 01 May 2332,027
At 30 April 2432,027
Net book value
At 30 April 24-
At 30 April 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 23183,819
Additions13,696
At 30 April 24197,515
Depreciation and impairment
At 01 May 23164,562
Charge for year11,835
At 30 April 24176,396
Net book value
At 30 April 2421,118
At 30 April 2319,257
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,260,450735,782
Amounts owed by group undertakings233,035296,517
Other debtors31,80043,903
Prepayments and accrued income385,437349,324
Total1,910,7221,425,526
Within other debtors, there is an amount of £15,000 which the directors owed to the company. Interest is being charged at the official rate of interest as set out by HM Revenue & Customs. The official rate of interest changed is 2.25% in April 2024 and was charged accordingly to the loan. The average rate for the year was 2.25%. The loan is repayable on demand and unsecured.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables39,59446,061
Bank borrowings and overdrafts749,361567,138
Amounts owed to related parties296,517-
Taxation and social security144,541114,565
Other creditors7,0304,816
Accrued liabilities and deferred income119,855139,973
Total1,356,898872,553
The company has an invoice factoring facility which has been utilised at the year end, this is secured against its trade debtors.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,29723,205
Total13,29723,205
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,2903,614
Total2,2903,614