Calibre Recruitment Limited 30/06/2020 iXBRL

CALIBRE RECRUITMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03604158

CALIBRE RECRUITMENT LIMITED

UNAUDITED FILLETED FINANCIAL STATEMENTS

30 June 2020

Calibre Recruitment Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Calibre Recruitment Limited

Directors and other information


	Directors	Ms Dace Fridberga
		Ms Linda Prado


	Secretary	Dace Fridberga


	Company number	03604158


	Registered office	11 Charing Cross Road
		City of Westminister
		London
		WC2H 0QU


	Business address	11 Charing Cross Road
		City of Westminister
		London
		WC2H 0QU


	Accountants	PFS & Partners
		16 Main Street
		Limavady
		Derry
		BT49 0EU




	Bankers	Natwest
		PO Box 414
		38 Strand
		WC2N 5JB

		RBS Invoice Finance Ltd
		1st Floor
		280 Bishopsgate
		London
		EC2M 4RB


	Solicitors	Clifford Harris & Co
		58 Queen Anne Street
		London
		W1A 4UA

Calibre Recruitment Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Calibre Recruitment Limited

Year ended 30 June 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Calibre Recruitment Limited for the year ended 30 June 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Calibre Recruitment Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Calibre Recruitment Limited and state those matters that we have agreed to state to the board of directors of Calibre Recruitment Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglob al.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Calibre Recruitment Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Calibre Recruitment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Calibre Recruitment Limited. You consider that Calibre Recruitment Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Calibre Recruitment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PFS & Partners

Chartered Certified Accountants

16 Main Street

Limavady

Derry

BT49 0EU

8 April 2021

Calibre Recruitment Limited

Statement of financial position

30 June 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	13,741		9,249
		_________		_________
			13,741		9,249

Current assets
Debtors	7	796,263		1,573,652
Cash at bank and in hand		65,971		-
		_________		_________
		862,234		1,573,652
Creditors: amounts falling due
within one year	8	( 649,400)		( 1,271,298)
		_________		_________
Net current assets			212,834		302,354
			_________		_________
Total assets less current liabilities			226,575		311,603


Provisions for liabilities			( 2,241)		( 1,757)

			_________		_________
Net assets			224,334		309,846
			_________		_________

Capital and reserves
Called up share capital			100		100
Profit and loss account			224,234		309,746
			_________		_________
Shareholders funds			224,334		309,846
			_________		_________

For the year ending 30 June 2020 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 year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 08 April 2021 , and are signed on behalf of the board by:

Ms Dace Fridberga Ms Linda Prado

Director Director

Company registration number: 03604158

Calibre Recruitment Limited

Notes to the financial statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 11 Charing Cross Road, City of Westminister, London, WC2H 0QU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	5 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 341 (2019: 540 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 July 2019 and 30 June 2020	10,000	10,000
	_________	_________
Amortisation
At 1 July 2019 and 30 June 2020	10,000	10,000
	_________	_________
Carrying amount
At 30 June 2020	-	-
	_________	_________
At 30 June 2019	-	-
	_________	_________

6. Tangible assets

	Long leasehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 July 2019	-	78,040	78,040
Additions	2,256	5,901	8,157
	_________	_________	_________
At 30 June 2020	2,256	83,941	86,197
	_________	_________	_________
Depreciation
At 1 July 2019	-	68,790	68,790
Charge for the year	313	3,353	3,666
	_________	_________	_________
At 30 June 2020	313	72,143	72,456
	_________	_________	_________
Carrying amount
At 30 June 2020	1,943	11,798	13,741
	_________	_________	_________
At 30 June 2019	-	9,250	9,250
	_________	_________	_________

7. Debtors

	2020	2019
	£	£
Trade debtors	100,626	1,298,218
Other debtors	695,637	275,434
	_________	_________
	796,263	1,573,652
	_________	_________

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	7,394	454,991
Trade creditors	26,461	19,425
Corporation tax	119,827	61,064
Social security and other taxes	383,121	519,355
Other creditors	112,597	216,463
	_________	_________
	649,400	1,271,298
	_________	_________

The Natwest Bank and RBS Invoice Financing hold a debenture incorporating a fixed and floating charge over all company assets of Calibre Recruitment Limited, present and future.

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Ms Dace Fridberga	146,229	19,270	165,499
	Ms Linda Prado	92,283	12,973	105,256
		_________	_________	_________
		238,512	32,243	270,755
		_________	_________	_________

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Ms Dace Fridberga	91,229	55,000	146,229
	Ms Linda Prado	57,283	35,000	92,283
		_________	_________	_________
		148,512	90,000	238,512
		_________	_________	_________

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Calibre Professional Services Limited	31,300	1,450	47,075	15,775
	_________	_________	_________	_________

Calibre Professional Services Limited, the holding company at the year end, owes Calibre Recruitment Limited £47,075 as at 30 June 2020. All transactions were carried out on an arms length basis.