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REGISTERED NUMBER: SC176490 (Scotland)














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: Mr TM Allan
C Donaldson





SECRETARY: Stronachs Secretaries Limited





REGISTERED OFFICE: 28 Albyn Place
Aberdeen
AB10 1YL





REGISTERED NUMBER: SC176490 (Scotland)





AUDITORS: NUVO Audit Limited
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 73,905 93,821

CURRENT ASSETS
Debtors 5 4,341,078 3,650,181
Cash at bank and in hand 422,671 261,587
4,763,749 3,911,768
CREDITORS
Amounts falling due within one year 6 1,827,484 1,399,208
NET CURRENT ASSETS 2,936,265 2,512,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,010,170

2,606,381

PROVISIONS FOR LIABILITIES 9 3,531 7,544
NET ASSETS 3,006,639 2,598,837

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,006,637 2,598,835
SHAREHOLDERS' FUNDS 3,006,639 2,598,837

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





C Donaldson - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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 81 (2023 - 76 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 89,841 26,064 19,767 135,672
Additions - 2,815 - 2,815
Disposals - - (2,855 ) (2,855 )
At 31 August 2024 89,841 28,879 16,912 135,632
DEPRECIATION
At 1 September 2023 25,062 8,454 8,335 41,851
Charge for year 7,245 8,220 6,198 21,663
Eliminated on disposal - - (1,787 ) (1,787 )
At 31 August 2024 32,307 16,674 12,746 61,727
NET BOOK VALUE
At 31 August 2024 57,534 12,205 4,166 73,905
At 31 August 2023 64,779 17,610 11,432 93,821

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,291,879 1,234,293
Amounts owed by group undertakings 2,680,706 2,098,101
Other debtors 368,493 317,787
4,341,078 3,650,181

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 41,817 116,878
Taxation and social security 468,974 457,800
Other creditors 1,316,693 824,530
1,827,484 1,399,208

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 28,500 28,500
Between one and five years 114,000 114,000
In more than five years 57,000 85,500
199,500 228,000

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 7,544
Provided during year (4,013 )
Balance at 31 August 2024 3,531

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alison Brown (Senior Statutory Auditor)
for and on behalf of NUVO Audit Limited

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
£    £   
C Donaldson
Balance outstanding at start of year 397 -
Amounts advanced - 397
Amounts repaid (397 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 397

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 rent for the premises of £28,500 (2023: £28,500) was paid to the pension scheme.

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.