| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HANDLE RECRUITMENT LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| BANKERS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| HANDLE RECRUITMENT LIMITED (REGISTERED NUMBER: 01419017) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING LOSS | 7 | ( |
) | ( |
) |
| Interest receivable and similar income |
| (390,661 | ) | (115,921 | ) |
| Amounts written off investments | 9 | (1 | ) | - |
| (390,662 | ) | (115,921 | ) |
| Interest payable and similar expenses | 10 | ( |
) | ( |
) |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 11 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| 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 | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| 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 |
| Investments | 14 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Deficit for the year | - | (122,190 | ) | (122,190 | ) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2023 |
| Changes in equity |
| Deficit for the year | - | (306,643 | ) | (306,643 | ) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Dividends | - | ( |
) | ( |
) |
| Balance at 31 December 2024 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Other interest received |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 30,000 | - |
| Amount withdrawn by directors | (30,000 | ) | - |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) | ( |
) |
| Depreciation charges |
| Finance costs | 2,250 | 19,118 |
| Finance income | (1,667 | ) | - |
| Taxation | ( |
) | ( |
) |
| (290,222 | ) | (37,575 | ) |
| Decrease in trade and other debtors |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 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 | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Temporary placements | 143 | 189 |
| Administration | 46 | 57 |
| 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 |
| Other operating leases |
| Depreciation - owned assets |
| Foreign exchange differences |
| Non-audit services |
| 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 |
| 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 | ( |
) |
| Prior period adjustments | 3,389 | 603 |
| Total current tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on loss | ( |
) | ( |
) |
| 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 | ( |
) | ( |
) |
| Loss multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods |
| Deferred tax movement on timing differences | ( |
) |
| Effect of change in rate of corporation tax |
| Total tax credit | (86,269 | ) | (12,849 | ) |
| 12. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Interim | 370,000 | - |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 14. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Other debtors |
| Staff loans | 22,890 | 15,704 |
| Directors' current accounts | - | 638,102 |
| Tax |
| Deferred tax asset |
| Prepayments and accrued income |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 343,430 | 161,343 |
| Other creditors |
| Wages and salaries control | 65,888 | 86,309 |
| Directors' current accounts | 18,686 | 47,912 |
| Accruals and deferred income |
| 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 |
| 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 |
| Between one and five years |
| 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 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2024 | ( |
) |
| 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: | £ | £ |
| Ordinary A share | £0.01 | 2,500 | 2,500 |
| Ordinary B share | £0.01 | 5,000 | 5,000 |
| 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 |
| 31.12.24 | 31.12.23 |
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 215,598 | 243,364 |
| 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 |