Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
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61,473 | 61,471 | |||
Current assets | ||||
Debtors | ||||
- due after more than one year | 5 |
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1,892,595 | 994,595 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets/(liabilities) | 126,402 | (47,555) | ||
Total assets less current liabilities | 187,875 | 13,916 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Other reserves | (
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Profit and loss account |
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Total shareholder's funds |
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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 Group Limited (registered number:
K J Sadler
Director |
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.
The HR Dept Group Limited (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 £.
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 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.
The Dividend income was understated by £430,000 and the Retained earnings brought forward was understated by £280,000. Amounts owed by subsidiaries and Profit and loss account were both understated by £710,000 in the previous year.
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.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
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 between 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 received | 0 | 430,000 | 430,000 | |||
Retained earnings at the beginning of financial year | 688,732 | 280,000 | 968,732 | |||
Amounts owed by own subsidiaries | 284,595 | 710,000 | 994,595 | |||
Profit and loss account | 683,816 | 710,000 | 1,393,816 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Carrying value at 31 July 2024 |
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Carrying value at 31 July 2023 |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due after more than one year | |||
Amounts owed by own subsidiaries |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to own subsidiaries |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.