Silverfin false false 31/07/2024 01/08/2023 31/07/2024 F A M Kenny 01/03/2022 L M Mcquade 01/03/2022 K J Sadler 01/03/2022 S M C Tumelty 18/03/2015 19 February 2025 The principal activity of the Company during the financial year was that of provision of HR services. 09495824 2024-07-31 09495824 bus:Director1 2024-07-31 09495824 bus:Director2 2024-07-31 09495824 bus:Director3 2024-07-31 09495824 bus:Director4 2024-07-31 09495824 2023-07-31 09495824 core:CurrentFinancialInstruments 2024-07-31 09495824 core:CurrentFinancialInstruments 2023-07-31 09495824 core:ShareCapital 2024-07-31 09495824 core:ShareCapital 2023-07-31 09495824 core:RetainedEarningsAccumulatedLosses 2024-07-31 09495824 core:RetainedEarningsAccumulatedLosses 2023-07-31 09495824 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 09495824 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 09495824 core:ImmediateParent core:CurrentFinancialInstruments 2024-07-31 09495824 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 09495824 bus:OrdinaryShareClass1 2024-07-31 09495824 2023-08-01 2024-07-31 09495824 bus:FilletedAccounts 2023-08-01 2024-07-31 09495824 bus:SmallEntities 2023-08-01 2024-07-31 09495824 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09495824 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09495824 bus:Director1 2023-08-01 2024-07-31 09495824 bus:Director2 2023-08-01 2024-07-31 09495824 bus:Director3 2023-08-01 2024-07-31 09495824 bus:Director4 2023-08-01 2024-07-31 09495824 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-08-01 2024-07-31 09495824 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 09495824 2022-08-01 2023-07-31 09495824 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 09495824 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09495824 (England and Wales)

THE HR DEPT (TERRITORIES) LIMITED

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

THE HR DEPT (TERRITORIES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THE HR DEPT (TERRITORIES) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
THE HR DEPT (TERRITORIES) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 74,229 0
74,229 0
Current assets
Debtors 5 562,630 538,053
Cash at bank and in hand 23,051 13,870
585,681 551,923
Creditors: amounts falling due within one year 6 ( 597,007) ( 515,272)
Net current (liabilities)/assets (11,326) 36,651
Total assets less current liabilities 62,903 36,651
Net assets 62,903 36,651
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 62,803 36,551
Total shareholder's funds 62,903 36,651

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 (Territories) Limited (registered number: 09495824) 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 (TERRITORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THE HR DEPT (TERRITORIES) LIMITED

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 (Territories) 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 £.

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 and Amounts owed to Parent undertakings were understated by £200,000, and Profit and Loss account was overstated by £200,000 in the previous year.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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.

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 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 (200,000) (200,000)
Amounts owed to Parent undertakings 276,495 200,000 476,495
Profit and loss account 236,551 (200,000) 36,551

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Intangible assets

Development costs Total
£ £
Cost
At 01 August 2023 0 0
Additions 76,350 76,350
At 31 July 2024 76,350 76,350
Accumulated amortisation
At 01 August 2023 0 0
Charge for the financial year 2,121 2,121
At 31 July 2024 2,121 2,121
Net book value
At 31 July 2024 74,229 74,229
At 31 July 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 46,427 48,052
Amounts owed by Group undertakings 516,203 490,001
562,630 538,053

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,000 0
Amounts owed to Parent undertakings 551,495 476,495
Accruals 4,541 2,558
Taxation and social security 37,971 36,219
597,007 515,272

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. 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.