Xpress Recruitment Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC244891 (Scotland)

Xpress Recruitment Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr P J Wilson

Mr R J Moore

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

First Floor

Unit 1, Straiton View

Straiton Business Parc

Loanhead

EH20 9NQ

REGISTERED NUMBER:

SC244891 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

EH3 6AT

BANKERS:

The Royal Bank of Scotland

Edinburgh Tollcross Branch

26 Home Street

Edinburgh

EH3 9LZ

FIXED ASSETS

Tangible assets

2

12,163

6,248

CURRENT ASSETS

Debtors

3

137,349

148,530

Cash at bank and in hand

2,120

3,068

139,469

151,598

CREDITORS

Amounts falling due within one year

4

114,072

124,245

NET CURRENT ASSETS

25,397

27,353

TOTAL ASSETS LESS CURRENT LIABILITIES

37,560

33,601

CREDITORS

Amounts falling due after more than one year

4

(4,429

)

-

PROVISIONS FOR LIABILITIES

(2,038

)

(768

)

NET ASSETS

31,093

32,833

CAPITAL AND RESERVES

Called up share capital

5

103

105

Share premium

27,003

27,003

Capital redemption reserve

2

-

Profit and loss account

3,985

5,725

SHAREHOLDERS' FUNDS

31,093

32,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 June 2015 and were signed on its behalf by:

Mr P J Wilson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover and revenue recognition

Turnover represents net invoiced sales of goods, excluding value added tax in respect of the supply

of staff recruitment consultancy.

Revenue is recognised on the date of staff placement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date where transactions or events have occurred at that date that will result in

an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more

likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

37,927

Additions

9,855

At 31 December 2014

47,782

DEPRECIATION

At 1 January 2014

31,679

Charge for year

3,940

At 31 December 2014

35,619

NET BOOK VALUE

At 31 December 2014

12,163

At 31 December 2013

6,248

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 12,345 (2013 - £ 9,405 )

4.

CREDITORS

Creditors include an amount of £ 61,128 (2013 - £ 76,711 ) for which security has been given.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

500

A Preference

1p

5

5

500

B Preference

1p

5

5

10

10

Both the A and B Preference shares have fixed cumulative preferential dividends. For 2014 and 2015

the rate is at £48 per share. From 2016 a dividend at an annual rate of £72 a share is payable on the

A Preference shares only.

All the preference shares automatically convert into Ordinary Shares on the earliest date of the

occurrence of:

(a) an Exit,

(b) a resolution of the members to wind up the Company being passed

(c) a petition for the winding up of the Company being presented to a court of competent

jurisdiction; and

(d) save in relation to the A Preference share, 1 January 2016

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

6,000

A Ordinary

1p

60

60

3,000

B Ordinary

1p

30

30

1,333

C Ordinary

1p

13

15

103

105

On 8 September 2014 the company bought back 1,167 C ordinary shares of £0.01 each for £2,500.

These shares were then cancelled.

The A and B ordinary shares carry equal voting rights.

The C ordinary shares carry no voting rights.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 December 2014 and 31 December 2013:

2014

2013

£

£

Mr P J Wilson

Balance outstanding at start of year

5,960

5,960

Amounts advanced

10,252

-

Amounts repaid

-

-

Balance outstanding at end of year

16,212

5,960

Mr R J Moore

Balance outstanding at start of year

31,658

25,918

Amounts advanced

1,508

5,740

Amounts repaid

-

-

Balance outstanding at end of year

33,166

31,658