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Company No: 06916004 (England and Wales)

PEAS RECRUITMENT LIMITED

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

PEAS RECRUITMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

PEAS RECRUITMENT LIMITED

BALANCE SHEET

As at 31 May 2024
PEAS RECRUITMENT LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 17,777 10,654
17,777 10,654
Current assets
Debtors 4 1,179,021 582,885
Cash at bank and in hand 80,694 684,976
1,259,715 1,267,861
Creditors: amounts falling due within one year 5 ( 613,258) ( 640,400)
Net current assets 646,457 627,461
Total assets less current liabilities 664,234 638,115
Creditors: amounts falling due after more than one year 6 0 ( 23,438)
Provision for liabilities 7 ( 4,444) ( 6,164)
Net assets 659,790 608,513
Capital and reserves
Called-up share capital 100 100
Profit and loss account 659,690 608,413
Total shareholders' funds 659,790 608,513

For the financial year ending 31 May 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 Peas Recruitment Limited (registered number: 06916004) were approved and authorised for issue by the Board of Directors on 27 February 2025. They were signed on its behalf by:

P Madhavji
Director
PEAS RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
PEAS RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Peas Recruitment 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 C/O Mpl, Iveco House, Station Road, Watford, WD17 1ET, 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

Although at the time of approving the financial statements, the UK is facing unprecedented challenges, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Taxation

Current tax
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Fixtures and fittings 3 years straight line
Office equipment 4 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 June 2023 2,288 29,505 31,793
Additions 0 13,480 13,480
Disposals ( 650) ( 8,477) ( 9,127)
At 31 May 2024 1,638 34,508 36,146
Accumulated depreciation
At 01 June 2023 2,256 18,883 21,139
Charge for the financial year 32 6,041 6,073
Disposals ( 650) ( 8,193) ( 8,843)
At 31 May 2024 1,638 16,731 18,369
Net book value
At 31 May 2024 0 17,777 17,777
At 31 May 2023 32 10,622 10,654

4. Debtors

2024 2023
£ £
Trade debtors 553,250 474,074
Other debtors 625,771 108,811
1,179,021 582,885

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 23,438 56,250
Trade creditors 246,283 184,673
Amounts owed to Group undertakings 0 6,000
Taxation and social security 262,896 279,324
Other creditors 80,641 114,153
613,258 640,400

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 23,438

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 4,444 2,664
Other provisions 0 3,500
4,444 6,164

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts (due from)/to directors (522,263) (11,633)

During the year, the company made advances totalling £892,193 (2023 - £436,682) and received repayments of £381,563 (2023 - £424,000). These are unsecured, provided interest free and repayable on demand.

The company has taken advantage of the exemption in FRS 102 1A C.35 "Related Party Disclosures" from disclosing transactions with other members of the group.

Amounts due to and from group undertakings are provided interest free and without security.

9. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is nil (2023 - £28,500). The commitments the company has entered into are in respect of operating leases for property which expires in less than 5 years from the balance sheet date.