Registration number:
Quality Service Recruitment Limited
for the Year Ended 31 December 2024
Quality Service Recruitment Limited
(Registration number: 02801332)
Balance Sheet as at 31 December 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' (deficit)/funds |
( |
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Quality Service Recruitment Limited
(Registration number: 02801332)
Balance Sheet as at 31 December 2024 (continued)
.........................................
Mr P R Gillespie
Director
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Accounting policies |
Statutory information
Quality Service Recruitment Limited is a private company, limited by shares, domiciled in England and Wales, company number 02801332. The registered office is at 137 Canal Street, Nottingham, NG1 7HD.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided. The supply of temporary labour is recognised on an accruals basis as the hours are worked, subject to acceptance by the customer of delivery under the contract.
Income in respect of permanent recruitment is recognised on the date that the candidate commences employment.
Other income is recognised when the Company has the right to the income and to the extent that the economic benefits will flow to the Company and the income can be reliably measured.
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
1 |
Accounting policies (continued) |
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Finance costs
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowings costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Tax
The tax expense for the period comprises tax. Tax is recognised in the statement of income and retained earnings except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be 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.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
1 |
Accounting policies (continued) |
Depreciation
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:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line |
Computer equipment |
33% straight line |
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
25% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Exceptional item |
The exceptional item relates to the write off of an irrecoverable loan from the company's former parent company.
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Intangible assets |
Computer Software |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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Scrappings |
( |
- |
( |
At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on scrappings |
( |
- |
( |
At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
2024 |
2023 |
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Due within one year |
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Bank loans |
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62,500 |
Trade creditors |
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78,219 |
Social security and other taxes |
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195,514 |
Outstanding defined contribution pension costs |
|
4,681 |
Other payables |
|
954,614 |
Accrued expenses |
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163,151 |
1,583,045 |
1,458,679 |
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Due after one year |
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Bank loans |
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31,989 |
Included within other payables is an invoice discounting facility of £1,096,589 (2023 - £920,545). The bank holds a guarantee over all of the company's assets as security, along with an inter-company guarantee with other group companies. The banking facilities are also secured by insured life policies held on Mr P R Gillespie and Mr B K Smith ( the policies are held by the company for its benefit on the life & critical illness of each of the 2 directors ).
The Company had obtained a loan via the Coronavirus Business Interruption Loan Scheme (CBILS). As part of this loan, the government paid arrangement fees and interest for the first 12 months, which were accounted for as a grant. Interest on the loan is calculated at 3.99% over the Base Rate being 1 month GBP Libor and the repayment term is fixed at five years. No repayments were due during the first 12 months. The debt is secured by an all asset debenture including a floating charge over the whole of the undertaking and assets.
During the year the Company received a £100,000 loan in accordance with the Recovery Loan Scheme (RLS). Interest on the loan is calculated at 5.99% over the Base Rate being 1 month GBP Libor and the repayment term is fixed at five years.The debt is secured by an all asset debenture including a floating charge over the whole of the undertaking and assets.
Quality Service Recruitment Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Financial commitments, guarantees and contingencies |
Commitments under operating leases
The total amount of financial commitments not included in the balance sheet is £
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is