JUST RECRUIT GROUP LIMITED - Filleted accounts

JUST RECRUIT GROUP LIMITED - Filleted accounts

JUST RECRUIT GROUP LIMITED - Company Information

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Registered number
07222010
JUST RECRUIT GROUP LIMITED
Filleted Accounts
31 December 2019
JUST RECRUIT GROUP LIMITED
Registered number: 07222010
Balance Sheet
as at 31 December 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 4 26,463 35,284
Investments 5 101 101
26,564 35,385
Current assets
Debtors 6 875,259 939,060
Cash at bank and in hand 396,330 481,647
1,271,589 1,420,707
Creditors: amounts falling due within one year 7 (1,065,014) (467,936)
Net current assets 206,575 952,771
Net assets 233,139 988,156
Capital and reserves
Called up share capital 100 100
Profit and loss account 233,039 988,056
Shareholders' funds 233,139 988,156
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Norman Michael Freed
Director
Approved by the board on 14 July 2020
JUST RECRUIT GROUP LIMITED
Notes to the Accounts
for the year ended 31 December 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied to the preparation of these financial statements.
Statement of Cash Flows
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
Turnover
Turnover in respect of recruitment consultancy services is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
. the amount of revenue can be measured reliably;
. it is probable that the Company will receive the consideration due under the contract;
. the stage of completion of the contract at the end of the reporting period can be measured
reliably, and
. the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:
Motor Vehicles -25% Reducing balance
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Debtors
Short-term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Creditors
Short-term creditors are measured at the transaction price.
Taxation
Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

. The recognition of deferred tax assets is limited to the extent that it is probable that they will
be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
. Any deferred tax balances are reversed if and when all conditions for retaining associated
tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Foreign currency translation
The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rate at the date of the transaction.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Operating leases: the Company as a lessee
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Pensions
Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Stephen Handley
Firm: J. Richard Hildebrand & Co.
Date of audit report: 14 July 2020
3 Employees 2019 2018
Number Number
Average number of persons employed by the company 12 21
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2019 65,790
At 31 December 2019 65,790
Depreciation
At 1 January 2019 30,506
Charge for the year 8,821
At 31 December 2019 39,327
Net book value
At 31 December 2019 26,463
At 31 December 2018 35,284
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2019 101
Revaluation -
At 31 December 2019 101
6 Debtors 2019 2018
£ £
Trade debtors 535,878 849,793
Other debtors 339,381 89,267
875,259 939,060
7 Creditors: amounts falling due within one year 2019 2018
£ £
Obligations under finance lease and hire purchase contracts - 1,902
Trade creditors 246,912 102,379
Amounts owed to group undertakings and undertakings in which the company has a participating interest 764,313 20,000
Taxation and social security costs 53,789 156,903
Other creditors - 186,752
1,065,014 467,936
8 Other information
JUST RECRUIT GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
54 Broadfields Avenue
Edgware
HA8 8SW
Its principal place of business is:
Suite 5 Wentworth Lodge
Great North Road
Welwyn Garden City
AL8 7SR
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