Silverfin false false 31/07/2024 01/08/2023 31/07/2024 L M McQuade 01/02/2022 S V Mead 01/02/2022 K J Sadler 01/02/2022 H L Thomas 01/02/2022 S M C Tumelty 18/07/2007 19 February 2025 The principal activity of the Company continued to be the provision of outsourced HR services. 06316590 2024-07-31 06316590 bus:Director1 2024-07-31 06316590 bus:Director2 2024-07-31 06316590 bus:Director3 2024-07-31 06316590 bus:Director4 2024-07-31 06316590 bus:Director5 2024-07-31 06316590 2023-07-31 06316590 core:CurrentFinancialInstruments 2024-07-31 06316590 core:CurrentFinancialInstruments 2023-07-31 06316590 core:ShareCapital 2024-07-31 06316590 core:ShareCapital 2023-07-31 06316590 core:RetainedEarningsAccumulatedLosses 2024-07-31 06316590 core:RetainedEarningsAccumulatedLosses 2023-07-31 06316590 core:PlantMachinery 2023-07-31 06316590 core:FurnitureFittings 2023-07-31 06316590 core:PlantMachinery 2024-07-31 06316590 core:FurnitureFittings 2024-07-31 06316590 core:ImmediateParent core:CurrentFinancialInstruments 2024-07-31 06316590 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 06316590 bus:OrdinaryShareClass1 2024-07-31 06316590 core:WithinOneYear 2024-07-31 06316590 core:WithinOneYear 2023-07-31 06316590 core:BetweenOneFiveYears 2024-07-31 06316590 core:BetweenOneFiveYears 2023-07-31 06316590 2023-08-01 2024-07-31 06316590 bus:FilletedAccounts 2023-08-01 2024-07-31 06316590 bus:SmallEntities 2023-08-01 2024-07-31 06316590 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06316590 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06316590 bus:Director1 2023-08-01 2024-07-31 06316590 bus:Director2 2023-08-01 2024-07-31 06316590 bus:Director3 2023-08-01 2024-07-31 06316590 bus:Director4 2023-08-01 2024-07-31 06316590 bus:Director5 2023-08-01 2024-07-31 06316590 core:PlantMachinery core:TopRangeValue 2023-08-01 2024-07-31 06316590 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 06316590 2022-08-01 2023-07-31 06316590 core:PlantMachinery 2023-08-01 2024-07-31 06316590 core:FurnitureFittings 2023-08-01 2024-07-31 06316590 core:PlantMachinery 1 2023-08-01 2024-07-31 06316590 core:FurnitureFittings 1 2023-08-01 2024-07-31 06316590 1 2023-08-01 2024-07-31 06316590 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 06316590 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06316590 (England and Wales)

THE HR DEPT BRISTOL LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

THE HR DEPT BRISTOL LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THE HR DEPT BRISTOL LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
THE HR DEPT BRISTOL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 3,194 7,370
3,194 7,370
Current assets
Debtors 5 685,795 567,405
Cash at bank and in hand 103,209 97,196
789,004 664,601
Creditors: amounts falling due within one year 6 ( 691,487) ( 586,965)
Net current assets 97,517 77,636
Total assets less current liabilities 100,711 85,006
Provision for liabilities 7 ( 1,000) ( 1,000)
Net assets 99,711 84,006
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 98,711 83,006
Total shareholder's funds 99,711 84,006

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The HR Dept Bristol Ltd (registered number: 06316590) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

K J Sadler
Director
THE HR DEPT BRISTOL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THE HR DEPT BRISTOL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The HR Dept Bristol Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Brook Office Park, Emersons Green, Bristol, BS16 7FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year adjustment

The Dividends declared and paid was understated by £195,000 and the Retained earnings brought forward was overstated by £280,000. Amounts owed to Parent undertakings was understated and Profit and loss account was overstated by £475,000 in the previous year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

At the year ended 31 July 2023 and 31 July 2022 there were no adjustments made with respect to dividends between group companies proposed in the minutes of a meeting of the Board of Directors.

The statement of financial position and statement of income and retained earnings have been restated to reflect the correct position.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Dividends declared and paid 0 (195,000) (195,000)
Retained earnings at the beginning of financial year 456,284 (280,000) 176,284
Amounts owed to Parent undertakings 8,099 475,000 483,099
Profit and loss account 558,006 (475,000) 83,006

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 14

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 August 2023 4,759 16,466 21,225
Additions 1,675 644 2,319
Disposals ( 3,882) 0 ( 3,882)
0 0 0
At 31 July 2024 2,552 17,110 19,662
Accumulated depreciation
At 01 August 2023 3,961 9,894 13,855
Charge for the financial year 861 5,634 6,495
Disposals ( 3,882) 0 ( 3,882)
At 31 July 2024 940 15,528 16,468
Net book value
At 31 July 2024 1,612 1,582 3,194
At 31 July 2023 798 6,572 7,370

5. Debtors

2024 2023
£ £
Trade debtors 75,265 88,803
Amounts owed by Group undertakings 597,253 461,936
Prepayments 12,277 15,666
Other debtors 1,000 1,000
685,795 567,405

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 15,223 25,677
Amounts owed to Group undertakings 0 201
Amounts owed to Parent undertakings 573,099 483,099
Accruals and deferred income 25,314 10,638
Taxation and social security 74,613 63,344
Other creditors 3,238 4,006
691,487 586,965

7. Provision for liabilities

2024 2023
£ £
Other provisions 1,000 1,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 26,000 26,000
between one and five years 28,183 54,183
54,183 80,183

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,774 2,647

10. Related party transactions

The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.