Company registration number 08432579 (England and Wales)
E3 Recruitment Limited
Unaudited financial statements
For the year ended 30 December 2024
E3 Recruitment Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
E3 Recruitment Limited
Statement of financial position
As at 30 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,653
5,709
Tangible assets
4
14,332
36,155
18,985
41,864
Current assets
Stocks
3,591
1,698
Debtors
5
2,910,018
2,972,366
Cash at bank and in hand
43,626
80,646
2,957,235
3,054,710
Creditors: amounts falling due within one year
6
(2,353,243)
(2,388,588)
Net current assets
603,992
666,122
Total assets less current liabilities
622,977
707,986
Creditors: amounts falling due after more than one year
7
(18,519)
(74,074)
Provisions for liabilities
(3,600)
(9,000)
Net assets
600,858
624,912
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
600,758
624,812
Total equity
600,858
624,912
E3 Recruitment Limited
Statement of financial position (continued)
As at 30 December 2024
- 2 -

For the financial year ended 30 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 September 2025 and are signed on its behalf by:
Mr A Pilling
Director
Company registration number 08432579 (England and Wales)
E3 Recruitment Limited
Notes to the financial statements
For the year ended 30 December 2024
- 3 -
1
Accounting policies
Company information

E3 Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quattuor House, Marshall Hall Mills, Elland Lane, Elland, West Yorkshire, HX5 9DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Ten years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

E3 Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 December 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

E3 Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 December 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such 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.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax liabilities are offset when the company has a legally enforceable right to offset current tax liabilities and the deferred liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

E3 Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 December 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
39
3
Intangible fixed assets
Software
£
Cost
At 31 December 2023 and 30 December 2024
10,579
Amortisation and impairment
At 31 December 2023
4,870
Amortisation charged for the year
1,056
At 30 December 2024
5,926
Carrying amount
At 30 December 2024
4,653
At 30 December 2023
5,709
E3 Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 December 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 31 December 2023
10,838
2,740
75,756
89,334
Additions
-
0
-
0
520
520
Disposals
-
0
-
0
(4,398)
(4,398)
At 30 December 2024
10,838
2,740
71,878
85,456
Depreciation and impairment
At 31 December 2023
750
1,075
51,354
53,179
Depreciation charged in the year
2,687
914
17,394
20,995
Eliminated in respect of disposals
-
0
-
0
(3,050)
(3,050)
At 30 December 2024
3,437
1,989
65,698
71,124
Carrying amount
At 30 December 2024
7,401
751
6,180
14,332
At 30 December 2023
10,088
1,665
24,402
36,155
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,918,085
1,822,913
Amounts owed by group undertakings
558,878
707,152
Other debtors
433,055
442,301
2,910,018
2,972,366
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
55,556
55,556
Trade creditors
79,706
83,732
Taxation and social security
955,340
719,031
Other creditors
1,262,641
1,530,269
2,353,243
2,388,588

Included within other creditors are invoice factoring facilities of £997,656 (2023 - £1,299,647), which are secured by fixed and floating charges over the assets to which they relate.

E3 Recruitment Limited
Notes to the financial statements (continued)
For the year ended 30 December 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,519
74,074
8
Operating lease commitments
Lessee

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

2024
2023
£
£
175,328
160,136
9
Related party transactions

During the year the company incurred management and administration fees amounting to £44,249 (20 23 - £436,000) from HSQ Recruitment LLP, and received management and administration fees amounting to £14,126 (2023 - £81,049). As at 31 December 202 3 the company was owed £201,655 (2023 - £217,449) from HSQ Recruitment LLP.

The directors of the company are designated members of HSQ Recruitment LLP.

10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr A Pilling - Mr A Pilling
2.25
17,786
-
599
(18,385)
-
Mr A Joseph - Mr A Joseph
2.25
6,738
-
231
(6,969)
-
Mr J H W T Soden - Mr J H W T Soden
2.25
61,907
122,171
1,226
(61,907)
123,397
Ms T M Norton - Ms T M Norton
2.25
-
25,410
288
-
25,698
86,431
147,581
2,344
(87,261)
149,095

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