Summit Recruitment Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09304744 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SUMMIT RECRUITMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

Miss D Radojcic

Mr G T Kerkenezov

Mr B Licina

REGISTERED OFFICE:

1st Floor Chilworth Point

1 Chilworth Road

Chilworth

Southampton

Hampshire

SO16 7JQ

REGISTERED NUMBER:

09304744 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Tangible assets

4

2,022

1,867

CURRENT ASSETS

Debtors

5

596,890

27,143

Cash at bank and in hand

68,746

414,591

665,636

441,734

CREDITORS

Amounts falling due within one year

6

521,709

262,765

NET CURRENT ASSETS

143,927

178,969

TOTAL ASSETS LESS CURRENT LIABILITIES

145,949

180,836

CREDITORS

Amounts falling due after more than one year

7

425,926

475,000

CAPITAL AND RESERVES

Called up share capital

1,200

1,500

Capital redemption reserve

300

-

Retained earnings

(281,477

)

(295,664

)

SHAREHOLDERS' FUNDS

(279,977

)

(294,164

)

145,949

180,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2022 and were signed on its behalf by:

Miss D Radojcic - Director

1.	STATUTORY INFORMATION

Summit Recruitment Limited is a private 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

REVENUE RECOGNITION

Revenue is the amount receivable for the provision of services to the hospitality industry falling within the company's ordinary activities for the financial year, excluding value added tax. Revenue is recognised when it is probable that transactions will generate future economic benefits that will flow to the company and can be reliably estimated.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property improvement

-

Over the length of the lease

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included 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.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charges to profit or loss on a straight line basis over the period of the lease.

PENSIONS

The company makes contributions into a recognised UK defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 147 (2020 - 147 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

property

and

Computer

improvement

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2021

1,304

931

14,299

16,534

Additions

-

-

1,910

1,910

At 31 December 2021

1,304

931

16,209

18,444

DEPRECIATION

At 1 January 2021

797

756

13,114

14,667

Charge for year

398

123

1,234

1,755

At 31 December 2021

1,195

879

14,348

16,422

NET BOOK VALUE

At 31 December 2021

109

52

1,861

2,022

At 31 December 2020

507

175

1,185

1,867

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

261

Factoring debts

590,159

2,336

Other debtors

3,700

13,507

Directors' current accounts

1,619

1,484

Prepayments and accrued income

1,412

9,555

596,890

27,143

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

74,074

25,000

Trade creditors

3,400

13,395

Factoring advances

18,440

(106,442

)

Tax

3,141

19,113

Social security and other taxes

55,538

69,725

VAT

358,376

241,966

Other creditors

6,642

8

Accrued expenses

2,098

-

521,709

262,765

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

111,111

100,000

Bank loans - 2-5 years

314,815

300,000

Bank loans more 5 years by instalment

-

75,000

425,926

475,000

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 years by instalment

-

75,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

42,914

42,914

Between one and five years

42,914

85,828

85,828

128,742

9.	SECURED DEBTS

Creditors include factoring advances which are secured of £18,440 (2020: -£106,442) by a floating charge over all fixed assets and rights of the Client owned now or in the future which are not subject to an effective fixed charge under this deed or under any other security held by RBSIF.

The bank loan carries interest at the rate of 2.5%. The loan contains a fixed and floating charge and is secured against the all property and undertakings of the company and is repayable over 6 years.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Summit Recruitment Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Summit Recruitment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Summit Recruitment Limited and state those matters that we have agreed to state to the Board of Directors of Summit Recruitment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Summit Recruitment Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Summit 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 Summit Recruitment Limited. You consider that Summit 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 Summit 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.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................