ONCO RECRUIT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 07335086
ONCO RECRUIT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
ONCO RECRUIT LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS
S Sisodia
A Sisodia
SECRETARY
A Sisodia
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
07335086 England and Wales
ONCO RECRUIT LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 370 644
CURRENT ASSETS
Debtors 6 14,313 63,562
Cash at bank and in hand 9 8,164
14,322 71,726
CREDITORS: Amounts falling due within one year 7 32,432 44,950
NET CURRENT (LIABILITIES) / ASSETS (18,110) 26,776
TOTAL ASSETS LESS CURRENT LIABILITIES (17,740) 27,420
CREDITORS: Amounts falling due after more than one year 8 25,910 35,906
Provisions for liabilities and charges 70 131
NET LIABILITIES (43,720) (8,617)
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account (43,721) (8,618)
SHAREHOLDERS' DEFICIT (43,720) (8,617)
ONCO RECRUIT LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S Sisodia A Sisodia
Director Director
Date approved by the board: 30 January 2025
ONCO RECRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
Onco Recruit Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
4 Witan Way
Witney
Oxon
OX28 6FF
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis following the directors' assessment of the company’s ability to trade for at least 12 months from the date these accounts have been approved. This decision has been made having taken into account the ongoing financial support of the directors. In conclusion, whilst there is some uncertainty, the directors do not believe there is a material uncertainty which casts significant doubt on the company’s ability to continue to trade.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of recruitment services in the medical field as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
ONCO RECRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Furniture and fittings Straight line basis at 20% per annum
Computer equipment Straight line basis at 33.3% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
ONCO RECRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
ONCO RECRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
5 TANGIBLE ASSETS
Furniture and fittings Computer equipment Total
£ £ £
Cost
At 1 September 2023 3,584 6,587 10,171
At 31 August 2024 3,584 6,587 10,171
Accumulated depreciation and impairments
At 1 September 2023 3,426 6,101 9,527
Charge for year 108 166 274
At 31 August 2024 3,534 6,267 9,801
Net book value
At 1 September 2023 158 486 644
At 31 August 2024 50 320 370
6 DEBTORS
2024 2023
£ £
Other debtors 14,313 63,562
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 13,891 5,270
Trade creditors 623 935
Taxation and social security 4,718 37,701
Accruals and deferred income 1,297 1,044
Other creditors 11,903 -
32,432 44,950
ONCO RECRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 25,910 35,906
9 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 September 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 August 2024
£ £ £ £ £
S & A Sisodia 34,778 23,461 58,239 - -
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
2024 2023
£ £
The Rehoboth Trust Charitable donations were made to The Rehoboth Trust, a UK registered charity, where the directors are two of the four trustees. 11,015 8,257
S & A Sisodia
Directors 2024 2023
£ £
Advances from directors The directors have made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the directors the following amount: 11,903 -
Onco Recruit Limited 07335086 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts (tagged by user) April 2022 true No description of principal activity 07335086 2022-09-01 2023-08-31 07335086 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2022-09-01 2023-08-31 07335086 core:WithinOneYear 2023-08-31 07335086 core:AfterOneYear 2023-08-31 07335086 core:ShareCapital 2023-08-31 07335086 core:RetainedEarningsAccumulatedLosses 2023-08-31 07335086 core:CurrentFinancialInstruments 2023-08-31 07335086 core:Non-currentFinancialInstruments 2023-08-31 07335086 2023-09-01 2024-08-31 07335086 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07335086 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07335086 bus:Director1 2023-09-01 2024-08-31 07335086 bus:Director2 2023-09-01 2024-08-31 07335086 bus:CompanySecretary1 2023-09-01 2024-08-31 07335086 bus:RegisteredOffice 2023-09-01 2024-08-31 07335086 core:FurnitureFittings 2023-09-01 2024-08-31 07335086 core:ComputerEquipment 2023-09-01 2024-08-31 07335086 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-09-01 2024-08-31 07335086 bus:FRS102 2023-09-01 2024-08-31 07335086 bus:FullAccounts 2023-09-01 2024-08-31 07335086 2024-08-31 07335086 core:WithinOneYear 2024-08-31 07335086 core:AfterOneYear 2024-08-31 07335086 core:ShareCapital 2024-08-31 07335086 core:RetainedEarningsAccumulatedLosses 2024-08-31 07335086 core:FurnitureFittings 2024-08-31 07335086 core:ComputerEquipment 2024-08-31 07335086 core:CurrentFinancialInstruments 2024-08-31 07335086 core:Non-currentFinancialInstruments 2024-08-31 07335086 2023-08-31 07335086 core:FurnitureFittings 2023-08-31 07335086 core:ComputerEquipment 2023-08-31 iso4217:GBP xbrli:pure