Registered number
05579581
Borne Resourcing Ltd
Unaudited Filleted Accounts
30 September 2024
Borne Resourcing Ltd
Registered number: 05579581
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 12,645 9,431
Current assets
Debtors 4 1,593,285 2,106,170
Cash at bank and in hand 179,725 366,938
1,773,010 2,473,108
Creditors: amounts falling due within one year 5 (1,235,194) (1,919,557)
Net current assets 537,816 553,551
Total assets less current liabilities 550,461 562,982
Creditors: amounts falling due after more than one year 6 (8,730) (19,040)
Provisions for liabilities (3,161) (1,792)
Net assets 538,570 542,150
Capital and reserves
Called up share capital 100 100
Profit and loss account 538,470 542,050
Shareholders' funds 538,570 542,150
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Wade
Director
Approved by the board on 2 April 2025
Borne Resourcing Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value, net of value added tax and discounts, for the supply of temporary and permanent labour placements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20 % straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 17
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
3 Tangible fixed assets
Equipment
£
Cost
At 1 October 2023 73,773
Additions 7,873
At 30 September 2024 81,646
Depreciation
At 1 October 2023 64,342
Charge for the year 4,659
At 30 September 2024 69,001
Net book value
At 30 September 2024 12,645
At 30 September 2023 9,431
4 Debtors 2024 2023
£ £
Trade debtors 1,304,183 1,810,090
Other debtors 289,102 296,080
1,593,285 2,106,170
Trade debtors include invoices discounted amounting to £897,058 (2023: £1,733,254).
5 Creditors: amounts falling due within one year 2024 2023
£ £
Payments on account from invoice discounting company 866,001 1,331,209
Bank loans and overdrafts 10,289 10,035
Trade creditors 143,966 222,702
Taxation and social security costs 176,847 246,303
Other creditors 38,091 109,308
1,235,194 1,919,557
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,730 19,040
A Coronavirus Bounce Back Loan was taken out in July 2020 with the company's bankers.
100% of this loan is government guaranteed.
There was an interest free period of 12 months, after which the interest is charged at 2.5%
No repayment of capital was required during the period of 12 months from drawdown.
The loan is repayable over any period up to 6 years.
7 Payments on account from invoice discounting company 2024 2023
£ £
Creditors include:
Secured payments on account from invoice discounting company 866,001 1,331,209
The payments received on account from the invoice discounting company are secured by a first fixed and floating charge over all the assets of the company.
8 Pension commitments
The company is operating a defined contribution scheme. During the year the company contributed £42,691 (2023: £52,095).
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Wade
Loan 116,404 2,472 - 118,876
P Cunningham
Loan 76,121 996 - 77,117
192,525 3,468 - 195,993
10 Other information
Borne Resourcing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
32-34 Arlington Road
London
NW1 7HU
The accounts are presented in Sterling, which is the functional currency of the company.
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