| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| TEAM RECRUITMENT (ABERDEEN) LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| TEAM RECRUITMENT (ABERDEEN) LIMITED |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| TEAM RECRUITMENT (ABERDEEN) LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 7 Faraday Court |
| First Avenue |
| Burton on Trent |
| Staffordshire |
| DE14 2WX |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| STATEMENT OF FINANCIAL POSITION |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Team Recruitment (Aberdeen) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents the provision of personnel to clients. Turnover is recognised on the completion of approved timesheets and on placement of personnel. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leasing commitments |
| Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases, (net of any incentives received from the lessors), are recognised in the income statement on a straight-line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Invoice discounting advance | 923,013 | 454,445 |
| A Bond and Floating Charge is held by the bank over the whole assets of the company. |
| A Corporate Guarantee is in place, executed by SLLP 246 Limited. |
| A Multi Client Guarantee is in place, executed by Tulloch Recruitment (Aberdeen) Limited. |
| The invoice discounting advance is secured over £1,291,879 (2023: £1,234,293) of the company's trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 3,531 | 7,544 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Provided during year | ( |
) |
| Balance at 31 August 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | PENSION COMMITMENTS |
| The company's defined contribution pension cost for the year was £46,314 (2023: £35,973). Outstanding contributions as at the year end totalled £6,350 (2023: £8,070). |
| TEAM RECRUITMENT (ABERDEEN) LIMITED (REGISTERED NUMBER: SC176490) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This loan is interest free and has no fixed repayment period. |
| 13. | RELATED PARTY DISCLOSURES |
| 506 and 508 Union Street are owned by a small self administered pension scheme ("SSAS") of which a director is a trustee. During the year |
| Key management personnel compensation for the year ended 31 August 2024 was £10,714 (2023: £9,705). |
| The company is controlled by its parent company, Tulloch Recruitment (Aberdeen) Limited. |
| SLLP 246 Limited is regarded by the directors as being the company's ultimate parent company. |
| The ultimate controlling party is Mr T Allan. |