| REGISTERED NUMBER: |
| Stafflex Limited |
| Financial Statements |
| for the Year Ended 28 February 2025 |
| REGISTERED NUMBER: |
| Stafflex Limited |
| Financial Statements |
| for the Year Ended 28 February 2025 |
| Stafflex Limited (Registered number: 03856354) |
| Contents of the Financial Statements |
| for the year ended 28 February 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Stafflex Limited |
| Company Information |
| for the year ended 28 February 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountants & Business Advisors |
| 33 George Street |
| Wakefield |
| West Yorkshire |
| WF1 1LX |
| Stafflex Limited (Registered number: 03856354) |
| Balance Sheet |
| 28 February 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| Stafflex Limited (Registered number: 03856354) |
| Balance Sheet - continued |
| 28 February 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Stafflex Limited (Registered number: 03856354) |
| Notes to the Financial Statements |
| for the year ended 28 February 2025 |
| 1. | STATUTORY INFORMATION |
| Stafflex Limited is a private limited 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. The company's principal place of business is International House, Chapel Hill, Huddersfield, HD1 3EE. |
| The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Trading results for the company this financial year show a loss with the year-end balance sheet in deficit. |
| The low growth economy continues to influence the company's performance. Opportunities to improve the trading outlook are under constant review and acted upon where they align with the company's principal activity. The effect of decisions made has been positive with the outlook for future performance improving despite trading conditions remaining challenging. |
| Turnover |
| Turnover represents the combined income from both permanent and temporary recruitment placements, excluding value added tax. Income for permanent placements is invoiced and recognised only when the candidates commence work with their new employer whereas temporary assignments are invoiced weekly upon the receipt of a valid time sheet. |
| Patents & licences |
| Patents and licences have previously been amortised to their estimated residual value. |
| Tangible fixed assets |
| Leasehold Improvements | - |
| Fixtures and fittings | - |
| Office equipment | - |
| Fixed assets are initially recorded at cost. |
| 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 its financial instruments. |
| Financial instruments are recognised in the company's balance sheet 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. |
| Stafflex Limited (Registered number: 03856354) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents and |
| licences |
| £ |
| COST |
| At 1 March 2024 |
| and 28 February 2025 |
| AMORTISATION |
| At 1 March 2024 |
| and 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Stafflex Limited (Registered number: 03856354) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | and | Office |
| Improvements | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 27,657 | 27,657 |
| Tax |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 207,048 | 198,719 |
| Other creditors |
| Sales ledger financing | 313,513 | 358,130 |
| Accruals and deferred income |
| Deferred government grants |
| Stafflex Limited (Registered number: 03856354) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other loans - 1-2 years | 90,749 |
| Other loans - 2-5 years | 40,863 |
| At 28 February 2025, Other loans included a total amount of £139,377 (£88,028 falling due within one year and £51,349 falling due after more than one year), 2024: £Nil, which is secured by way of a personal guarantee by the director, Mr B C Stahelin. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Sales ledger financing | 313,513 | 358,130 |
| The security given is by way of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant & machinery. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 9,000 | 9,000 |
| Stafflex Limited (Registered number: 03856354) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2025 |
| 12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 28 February 2025 and 29 February 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |