Company No: 11990082 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	21,234		40,113
		21,234		40,113
Current assets
Debtors
- due within one year	4	807,351		728,225
- due after more than one year	4	4,037		0
Cash at bank and in hand		818,219		761,117
		1,629,607		1,489,342
Creditors: amounts falling due within one year	5	( 530,096)		( 455,940)
Net current assets		1,099,511		1,033,402
Total assets less current liabilities		1,120,745		1,073,515
Creditors: amounts falling due after more than one year	6	( 13,928)		( 24,091)
Net assets		1,106,817		1,049,424
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		1,106,717		1,049,324
Total shareholders' funds		1,106,817		1,049,424

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Apsida Ltd (registered number: 11990082) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P J Bromwich Director

30 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Apsida Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Walbrook Wharf, 78-83 Upper Thames Street, London, EC4R 3TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the amount invoiced for services provided net of Value Added Tax. Turnover derived from contractors is recognised as work is performed. Permanent placement fees are recognised when contractual obligations are fulfilled.

Employee benefits

Short term 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 as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	2 years straight line
Plant and machinery etc.	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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 creditors: amounts falling due within one year.

Financial instruments

The Company enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	18		32

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	17,245		127,308		144,553
Additions	0		10,028		10,028
Disposals	( 17,245)		( 14,186)		( 31,431)
At 31 December 2024	0		123,150		123,150
Accumulated depreciation
At 01 January 2024	17,245		87,195		104,440
Charge for the financial year	0		28,907		28,907
Disposals	( 17,245)		( 14,186)		( 31,431)
At 31 December 2024	0		101,916		101,916
Net book value
At 31 December 2024	0		21,234		21,234
At 31 December 2023	0		40,113		40,113

4. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	552,915		553,855
Amounts owed by group undertakings	68,679		47,108
Other debtors	185,757		127,262
	807,351		728,225
Debtors: amounts falling due after more than one year
Deferred tax asset	4,037		0

Amounts owed by group undertakings are unsecured, bear interest at base rate + 2.25% and are repayable on demand.

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,183		9,932
Trade creditors	35,554		57,400
Amounts owed to related parties	97,759		58,285
Amounts owed to directors	2,534		10,034
Accruals	235,337		211,889
Other taxation and social security	69,227		26,721
Derivative financial instruments	18,601		0
Other creditors	60,901		81,679
	530,096		455,940

Amounts owed to related parties are unsecured, bear interest at base rate + 2.25% and are repayable upon demand.

See note 7 for further details regarding the bank loan.

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	13,928		24,091

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	0		( 9,860)
Credited to the Statement of Income and Retained Earnings	4,037		9,860
At the end of financial year	4,037		0

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Tax losses carry forward	4,037		0

8. Financial instruments

The carrying values of the company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

	2024		2023
	£		£
Financial liabilities at fair value
Derivative financial liabilities due within one year	18,601		0

At 31 December 2024, the company held a forward foreign exchange contract to purchase GBP and sell USD. The purpose of the contract was to hedge against adverse movements in exchange rates on foreign currency balances and transactions.

The forward contract was not designated as part of a formal hedging relationship for accounting purposes and has therefore been measured at fair value through profit or loss in accordance with FRS 102.

The unrealised forward contract carrying value is £18,601, recognised under creditors falling due within one year. The contract was settled subsequent to the year-end.

The company is exposed to normal foreign exchange risk on such instruments but manages this through regular review and timing of settlements. There is no material counterparty risk as the contract was executed with a long-standing broker.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4,480 Ordinary B shares of £ 0.01 each	45		45
3,400 Ordinary A shares of £ 0.01 each	34		34
1,700 Ordinary C shares of £ 0.01 each	17		17
420 Ordinary D shares of £ 0.01 each	4		4
	100		100

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts owed to directors	2,534		10,034

Advances

An advance from the director was made to the company on 31 December 2023 for £10,034. £7,500 was repaid during the year. The loan is interest free.

Other related party transactions

Included within amounts owed by group undertakings are amounts of £68,679 (2023: £47,108) owed by a wholly owned subsidiary.

Included within amounts owed to related parties are amounts of £97,759 (2023: £58,285) owed to companies with a common director.

11. Ultimate controlling party

Parent Company:

Recruitment Investment Group Limited

The ultimate controlling party is P J Bromwich.