Company registration number 11990687 (England and Wales)
TRANSACTION RECRUITMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TRANSACTION RECRUITMENT LIMITED
COMPANY INFORMATION
Directors
Mr D Maddison
Mrs N A Maddison
Company number
11990687
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Tide Platform Ltd
1 Appold St
Holborn
London
EC2A 2UT
TRANSACTION RECRUITMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
TRANSACTION RECRUITMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRANSACTION RECRUITMENT LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Transaction Recruitment Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Transaction Recruitment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Transaction Recruitment Limited and state those matters that we have agreed to state to the board of directors of Transaction Recruitment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transaction Recruitment Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Transaction Recruitment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Transaction Recruitment Limited. You consider that Transaction Recruitment Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Transaction Recruitment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TRANSACTION RECRUITMENT LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,042
10,159
Current assets
Debtors
4
23,830
113,956
Cash at bank and in hand
205,754
99,798
229,584
213,754
Creditors: amounts falling due within one year
5
(54,407)
(65,957)
Net current assets
175,177
147,797
Total assets less current liabilities
193,219
157,956
Provisions for liabilities
6
(282)
(382)
Net assets
192,937
157,574
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
192,837
157,474
Total equity
192,937
157,574
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr D Maddison
Director
Company registration number 11990687 (England and Wales)
TRANSACTION RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Transaction Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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:
Improvements to property
Nil
Fixtures and fittings
25% on reducing balance
Office equipment
25% on reducing balance
No depreciation is provided on improvements to property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.4
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.
TRANSACTION RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Improvements to property
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 June 2023
8,614
2,094
944
11,652
Additions
8,271
8,271
At 31 May 2024
16,885
2,094
944
19,923
Depreciation and impairment
At 1 June 2023
917
576
1,493
Depreciation charged in the year
295
93
388
At 31 May 2024
1,212
669
1,881
Carrying amount
At 31 May 2024
16,885
882
275
18,042
At 31 May 2023
8,614
1,177
368
10,159
TRANSACTION RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,197
113,321
Other debtors
633
635
23,830
113,956
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
52,238
64,357
Other creditors
2,169
1,600
54,407
65,957
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
282
382
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
100
100
100
100
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan accounts
-
196
(196)
-
196
(196)
-
9
Ultimate controlling party
The ultimate controlling party is Mr D Maddison and Mrs N A Maddison.