1.
General Information
Absolute Recruit Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
09290602
. The registered office is The Gate House, Suite 3 , Floor 3, Fretherne Road, Welwyn Garden City, AL8 6NS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Website Cost. It is amortised to the profit and loss account over its estimated economic life of 5 years Straight Line Method.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.6.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Absolute Recruit Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 15)
4.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2024 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 January 2024 |
|
||
| Provided during the period |
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| As at 31 December 2024 |
|
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| Net Book Value | |||
| As at 31 December 2024 |
|
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| As at 1 January 2024 |
|
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5.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| Disposals |
( |
| As at 31 December 2024 |
|
| Depreciation | |
| As at 1 January 2024 |
|
| Provided during the period |
|
| Disposals |
( |
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Absolute Recruit Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Amounts owed by group undertakings |
|
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7.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts | - |
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
|
|
| Other creditors |
|
|
|
| Pension Payables |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts | - |
|
|
| Amounts owed to group undertakings |
|
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans | - |
|
|
An analysis of the maturity of loans is given below:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Amounts falling due within one year or on demand:
Bank loans
|
-
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|
|
50,000
|
|
Amounts falling due between one and two years:
Bank loans - 1-2 years
|
-
|
121,367
|
Absolute Recruit Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
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|
| Later than one year and not later than five years |
|
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11.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
12.
Related Party Transactions
Summary of transactions with parent
At the balance sheet date the company owed £117,134 (2023: £117,726) to the parent company PLM Holdings Limited. This loan is interest free and repayable on demand.
Summary of transactions with other related parties
The following amounts were due between fellow group companies as follows:
At the balance sheet date the company owed £169,760 (2023: (£87,608)) to Absolute IT Recruitment Limited.
At the balance sheet date the company was owed £80,031 (2023: £79,307) by HF Global Ltd.
At the balance sheet date the company was owed £512,549 (2023: £506,632) by 49 Leicester Road Limited.
All of the amounts have no interest charged and are repayable on demand. These companies are connected by the common directorship Mr P Mills.
13.
Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is
PLM Holdings Limited
.
PLM Holdings Limited
was incorporated in (England and Wales). The controlling party is
P L Mills
who controls (75 %) of the shares of
Absolute Recruit Ltd
.