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Registered number: 10991975
Ernest Gordon Recruitment Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Blue Penguin Chartered Accountants
16 Claremont Drive
Taunton
Somerset
TA1 4JF
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 10991975
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,473 113,613
89,473 113,613
CURRENT ASSETS
Debtors 5 483,849 512,431
Cash at bank and in hand 1,010,310 1,169,499
1,494,159 1,681,930
Creditors: Amounts Falling Due Within One Year 6 (570,017 ) (637,491 )
NET CURRENT ASSETS (LIABILITIES) 924,142 1,044,439
TOTAL ASSETS LESS CURRENT LIABILITIES 1,013,615 1,158,052
Creditors: Amounts Falling Due After More Than One Year 7 (354,609 ) (515,833 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,369 ) (25,586 )
NET ASSETS 636,637 616,633
CAPITAL AND RESERVES
Called up share capital 9 200 200
Income Statement 636,437 616,433
SHAREHOLDERS' FUNDS 636,637 616,633
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr M G Tarr
Director
23/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ernest Gordon Recruitment Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10991975 . The registered office is Suite 1D, Whitefriars, Lewins Mead, Bristol, BS1 2NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 58 (2023: 42)
58 42
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2023 116,539 52,026 168,565
Additions 1,046 10,632 11,678
As at 31 October 2024 117,585 62,658 180,243
Depreciation
As at 1 November 2023 36,292 18,660 54,952
Provided during the period 23,298 12,520 35,818
As at 31 October 2024 59,590 31,180 90,770
Net Book Value
As at 31 October 2024 57,995 31,478 89,473
As at 1 November 2023 80,247 33,366 113,613
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 380,475 402,358
Prepayments and accrued income 54,594 78,530
Other debtors 48,780 31,543
483,849 512,431
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43,920 56,153
Bank loans and overdrafts 85,612 10,000
Corporation tax 89,643 110,971
Other taxes and social security 60,436 73,170
VAT 141,686 178,888
Other creditors - 2,976
Accruals and deferred income 133,050 190,809
Directors' loan accounts 15,670 14,524
570,017 637,491
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 354,609 515,833
Page 4
Page 5
8. Secured Creditors
Of the creditors the following amounts are secured with a floating charge over the assets of the company. The directors have also provided personal guarantees in favour of the company, up to a total value of £100,000.
2024 2023
£ £
Bank loans and overdrafts 424,388 500,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 73,297 48,788
Later than one year and not later than five years 47,625 44,722
120,922 93,510
Page 5