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REGISTERED NUMBER: 01419017 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HANDLE RECRUITMENT LIMITED

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Directors' Responsibilities Statement 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


HANDLE RECRUITMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: P Tafler
S Walker



REGISTERED OFFICE: Ink Rooms Unit 3.01
25 -37 Easton Street
London
WC1X 0DS



REGISTERED NUMBER: 01419017 (England and Wales)



AUDITORS: MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL



BANKERS: Barclays Bank Plc
9 Portman Square
London
W1A 3AL

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

FAIR REVIEW OF THE BUSINESS
In common with most businesses in the recruitment sector, 2024 has been a quieter year than 2023. The company's turnover decreased by 22% during the year under review. The company’s direct costs decreased by 23% and the administrative expenses decreased by 15%. The directors are satisfied with the results for the year in the context of the current recruitment market.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the main risks faced by the business are those relating to the cyclical nature of the industry in which it operates, competition from social media for recruitment purposes, retaining staff to deliver its growth plans and ever changing employment law and regulations for temporary workers that are often specific to certain business sectors. The company’s management regularly monitor the performance of the business through monthly management information including management accounts, records of consultant productivity and client feedback. They work closely with relevant specialists to ensure that the risks faced by the business are mitigated as far as possible.

DEVELOPMENT AND PERFORMANCE
In the opinion of the directors, the company remains in a strong position at the year end. While shareholders' funds fell marginally from £1.9m to £1.2m, this is still considered to be healthy by the directors in the light of the UK economy during this period.

KEY PERFORMANCE INDICATORS
The main key performance indicators are highlighted above, gross profit margin which increased to 34% and current asset ratio which stood at 1.93.

ON BEHALF OF THE BOARD:





S Walker - Director


3 July 2025

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of recruitment and the provision of temporary personnel, providing leading entertainment companies, social networks, global media brands, sports bodies, retailers, and digital technology providers with a constantly evolving range of talent solutions.

DIVIDENDS
Ordinary dividends were paid amounting £370,000 in respect of year ended 31 December 2024. The directors do not recommend payment of a final dividend

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Tafler
S Walker

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risk arising from trading activities only conducted in sterling.

DISABLED PERSONS
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

FUTURE DEVELOPMENTS
2025 will continue to be a quieter year in recruitment in general, the company has adapted to the changing market and the directors look forward to the future with confidence.

EMPLOYEE ENGAGEMENT
The company's policy is to consult and discuss with employees, through the internal intranet and via email, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, MGR Weston Kay LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





S Walker - Director


3 July 2025

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANDLE RECRUITMENT LIMITED


Opinion
We have audited the financial statements of Handle Recruitment Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANDLE RECRUITMENT LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANDLE RECRUITMENT LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the auditor was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

As part of our planning of the audit work required, we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company's management, carried out analytical procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the most significant laws and regulation are those that relate to:

· Health and safety regulations.
· Employment law including the right to work in the UK.
· Employment Agencies Act 1973.
· The Conduct of Employment Agencies and Employment Businesses Regulations 2003.
· Agency Worker Regulations 2010.
· UK Tax legislation.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with the laws and regulations and the fraud risks identified. This included enquiries with management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

· Obtained an understanding of relevant controls.
· Reviewed the company's risk assessments, procedures, health and safety policies and communications with employees.
· Checked samples of documentation.
· Reviewed the records for evidence of complaints, litigation, or employment tribunals.
· Reviewed correspondence with HMRC.

We also assessed the risks of material misstatement in respect of fraud as follows:

· Revenue fraud.
· Unauthorised expenditure and/or payments.
· Management override of controls.
· Non-compliance with bank covenants.
· Related party fraud.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.

No significant issues were identified during our testing.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANDLE RECRUITMENT LIMITED

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, thee remained a risk of non - detection of irregularities, as these may involve collusions, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nigel Walfisz FCA (Senior Statutory Auditor)
for and on behalf of MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL

3 July 2025

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4 11,270,215 14,522,193

Cost of sales (7,446,810 ) (9,703,659 )
GROSS PROFIT 3,823,405 4,818,534

Administrative expenses (4,215,733 ) (4,934,455 )
OPERATING LOSS 7 (392,328 ) (115,921 )

Interest receivable and similar income 1,667 -
(390,661 ) (115,921 )
Amounts written off investments 9 (1 ) -
(390,662 ) (115,921 )

Interest payable and similar expenses 10 (2,250 ) (19,118 )
LOSS BEFORE TAXATION (392,912 ) (135,039 )

Tax on loss 11 86,269 12,849
LOSS FOR THE FINANCIAL YEAR (306,643 ) (122,190 )

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

LOSS FOR THE YEAR (306,643 ) (122,190 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(306,643

)

(122,190

)

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 13 119,231 111,865
Investments 14 - 1
119,231 111,866

CURRENT ASSETS
Debtors 15 1,402,172 3,018,154
Cash at bank 805,198 304,080
2,207,370 3,322,234
CREDITORS
Amounts falling due within one year 16 (1,129,606 ) (1,536,414 )
NET CURRENT ASSETS 1,077,764 1,785,820
TOTAL ASSETS LESS CURRENT LIABILITIES 1,196,995 1,897,686

PROVISIONS FOR LIABILITIES 19 - (24,048 )
NET ASSETS 1,196,995 1,873,638

CAPITAL AND RESERVES
Called up share capital 20 10,000 10,000
Retained earnings 1,186,995 1,863,638
SHAREHOLDERS' FUNDS 1,196,995 1,873,638

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by:





S Walker - Director


HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 10,000 1,985,828 1,995,828

Changes in equity
Deficit for the year - (122,190 ) (122,190 )
Total comprehensive income - (122,190 ) (122,190 )
Balance at 31 December 2023 10,000 1,863,638 1,873,638

Changes in equity
Deficit for the year - (306,643 ) (306,643 )
Total comprehensive income - (306,643 ) (306,643 )
Dividends - (370,000 ) (370,000 )
Balance at 31 December 2024 10,000 1,186,995 1,196,995

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,082,390 241,626
Interest paid (2,250 ) (19,118 )
Other interest received 1,667 -
Tax paid 2,951 (57,286 )
Net cash from operating activities 1,084,758 165,222

Cash flows from investing activities
Purchase of tangible fixed assets (109,473 ) (26,126 )
Net cash from investing activities (109,473 ) (26,126 )

Cash flows from financing activities
Loan repayments in year (104,167 ) (250,000 )
Amount introduced by directors 30,000 -
Amount withdrawn by directors (30,000 ) -
Equity dividends paid (370,000 ) -
Net cash from financing activities (474,167 ) (250,000 )

Increase/(decrease) in cash and cash equivalents 501,118 (110,904 )
Cash and cash equivalents at beginning of
year

2

304,080

414,984

Cash and cash equivalents at end of year 2 805,198 304,080

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Loss for the financial year (306,643 ) (122,190 )
Depreciation charges 102,107 78,346
Finance costs 2,250 19,118
Finance income (1,667 ) -
Taxation (86,269 ) (12,849 )
(290,222 ) (37,575 )
Decrease in trade and other debtors 1,648,274 1,085,773
Decrease in trade and other creditors (275,662 ) (806,572 )
Cash generated from operations 1,082,390 241,626

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 805,198 304,080
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 304,080 414,984


HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 304,080 501,118 805,198
304,080 501,118 805,198
Debt
Debts falling due within 1 year (104,167 ) 104,167 -
(104,167 ) 104,167 -
Total 199,913 605,285 805,198

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Handle Recruitment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated financial statements, on the basis that the inclusion of the results of the subsidiary undertaking, Handle Bearing Limited, is not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

Turnover
Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full time employment. Turnover arising from temporary placements is recognised over the period that temporary staff are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - evenly over the period of the lease
Fixtures and fittings - 12.5% on cost
Computer equipment - 25% & 33% on cost

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no critical accounting judgements or key sources of estimation uncertainty.

4. TURNOVER

The whole of the company’s turnover relates to temporary and permanent placement fees within the UK.

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 9,180,573 12,093,876
Social security costs 710,033 800,971
Other pension costs 215,598 243,364
10,106,204 13,138,211

The average number of employees during the year was as follows:
31.12.24 31.12.23

Temporary placements 143 189
Administration 46 57
189 246

6. DIRECTORS' REMUNERATION


31.12.24 31.12.23
£    £   
Director's remuneration 328,992 312,992
Company pension contributions to defined contribution schemes 16,773 9,682

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 0).

Highest paid director:

31.12.24 31.12.23
£    £   
Director's remuneration 208,992 192,992
Company pension contributions to defined contribution schemes 16,773 9,682

The key management personnel and the directors are the same individuals.

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. OPERATING LOSS

The operating loss is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery 172 368
Other operating leases 388,638 185,181
Depreciation - owned assets 102,107 78,346
Foreign exchange differences - 220
Non-audit services 22,750 22,400

8. AUDITORS' REMUNERATION
31.12.24 31.12.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

23,950

57,929
Total audit fees 23,950 57,929

9. AMOUNTS WRITTEN OFF INVESTMENTS
31.12.24 31.12.23
£    £   
Amounts written off of investments 1 -

10. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 2,250 19,118

11. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax - (9,956 )
Prior period adjustments 3,389 603
Total current tax 3,389 (9,353 )

Deferred tax (89,658 ) (3,496 )
Tax on loss (86,269 ) (12,849 )

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Loss before tax (392,912 ) (135,039 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(98,228

)

(33,760

)

Effects of:
Expenses not deductible for tax purposes 8,824 11,010
Capital allowances in excess of depreciation (2,803 ) -
Depreciation in excess of capital allowances - 9,650
Adjustments to tax charge in respect of previous periods 3,390 603
Deferred tax movement on timing differences 2,548 (3,496 )
Effect of change in rate of corporation tax - 3,144
Total tax credit (86,269 ) (12,849 )

12. DIVIDENDS

31.12.2431.12.23
£   £   
Interim370,000 -


HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


13. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 226,306 206,273 500,690 933,269
Additions 68,756 1,750 38,967 109,473
Disposals (59,421 ) (99,099 ) - (158,520 )
At 31 December 2024 235,641 108,924 539,657 884,222
DEPRECIATION
At 1 January 2024 203,286 179,860 438,258 821,404
Charge for year 51,923 6,142 44,042 102,107
Eliminated on disposal (59,421 ) (99,099 ) - (158,520 )
At 31 December 2024 195,788 86,903 482,300 764,991
NET BOOK VALUE
At 31 December 2024 39,853 22,021 57,357 119,231
At 31 December 2023 23,020 26,413 62,432 111,865

14. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024 1
Disposals (1 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 1

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,109,817 2,160,451
Other debtors 68,960 68,398
Staff loans 22,890 15,704
Directors' current accounts - 638,102
Tax 6,566 12,906
Deferred tax asset 65,611 -
Prepayments and accrued income 128,328 122,593
1,402,172 3,018,154

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 17) - 104,167
Trade creditors 152,225 218,288
Amounts owed to group undertakings - 2,397
Social security and other taxes 157,750 231,189
VAT 343,430 161,343
Other creditors 193,486 355,721
Wages and salaries control 65,888 86,309
Directors' current accounts 18,686 47,912
Accruals and deferred income 198,141 329,088
1,129,606 1,536,414

17. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 104,167

The bank loans and overdrafts totalling £Nil (2023: £104,167) are secured by a fixed and floating charge over the assets of the company.

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 275,917 476,381
Between one and five years 299,991 572,244
575,908 1,048,625

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non cancellable operating leases, which fall due as follows

19. PROVISIONS FOR LIABILITIES
31.12.23
£   
Deferred tax 24,048

Deferred
tax
£   
Balance at 1 January 2024 24,048
Credit to Income Statement during year (89,659 )
Balance at 31 December 2024 (65,611 )

The deferred tax liability set out above is expected to reverse within 5 years and relates to accelerated capital allowances and taxable losses that are expected to mature within the same period.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
250,001 Ordinary A share £0.01 2,500 2,500
499,999 Ordinary B share £0.01 5,000 5,000
250,000 Ordinary C share £0.01 2,500 2,500
10,000 10,000

HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


21. RETIREMENT BENEFIT SCHEMES

31.12.2431.12.23
Defined contribution schemes£   £   

Charge to profit or loss in respect of defined contribution schemes215,598243,364

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances of £31,124 (2023: £921,789) to the directors of the company. The directors made payments of £320,000 (2023: £Nil) to the company during the year. The directors received dividends of £320,000 (2023: Nil) in the year. At the year end the directors were owed £18,686 from the company (2023: the directors owed £590,189 to the company).

During the year the company paid salaries totalling £30,000 (2023: £33,000) to family members of the directors.

23. RELATED PARTY TRANSACTIONS

The directors have a material interest in Handle Payroll Solutions Limited.

During the year, the company made sales of £Nil (2023: £5,845) to Handle Payroll Solutions Limited and also received a management charge for services carried out on behalf of Handle Payroll Solutions Limited of £240,000 (2023: £125,000). At the year end, an amount of £138,466 (2023: £306,278) is included in other creditors as being owed to Handle Payroll Solutions Limited.

24. CONTROLLING PARTY

The controlling party is S Walker.

The ultimate controlling party is S Walker by virtue of her shareholding in the company