Net Temps Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03614178 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2022

for

Net Temps Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T White

S J Bulloch

Mrs T S Carlisle

REGISTERED OFFICE:

Unit 5D

Colwick Quays Business Park

Colwick

Nottingham

NG4 2JY

REGISTERED NUMBER:

03614178 (England and Wales)

ACCOUNTANTS:

D. K. Rumsby & Co Limited

3 Colwick Quays

Colwick

Nottingham

Nottinghamshire

NG4 2JY

FIXED ASSETS

Tangible assets

4

96,267

95,637

Investments

5

6,401

3,521

102,668

99,158

CURRENT ASSETS

Stocks

2,400

2,400

Debtors

6

1,783,784

1,898,241

Cash at bank

13,049

47,023

1,799,233

1,947,664

CREDITORS

Amounts falling due within one year

7

(1,160,449

)

(1,331,626

)

NET CURRENT ASSETS

638,784

616,038

TOTAL ASSETS LESS CURRENT LIABILITIES

741,452

715,196

CREDITORS

Amounts falling due after more than one year

8

(35,833

)

(45,833

)

PROVISIONS FOR LIABILITIES

(12,653

)

(11,043

)

NET ASSETS

692,966

658,320

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

691,966

657,320

SHAREHOLDERS' FUNDS

692,966

658,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:

S J Bulloch - Director

1.	STATUTORY INFORMATION

Net Temps 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 as modified by the revaluation of certain assets.

Turnover

Turnover comprises revenue recognised from the provision of temporary and permanent worker recruitment services during the year, exclusive of value added tax.

Turnover from the provision temporary workers is recognised at the end of the completed working week based on the hours worked multiplied by the contracted rate, net of rebates. Turnover from permanent placements is recognised when the candidates start work. In each case, revenue is only recognised when the services have been provided and the company is contractually entitled to the revenue.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2021

180,696

Additions

17,951

Disposals

(10,140

)

At 31 January 2022

188,507

DEPRECIATION

At 1 February 2021

85,059

Charge for year

14,569

Eliminated on disposal

(7,388

)

At 31 January 2022

92,240

NET BOOK VALUE

At 31 January 2022

96,267

At 31 January 2021

95,637

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2021

3,521

Revaluations

2,880

At 31 January 2022

6,401

NET BOOK VALUE

At 31 January 2022

6,401

At 31 January 2021

3,521

The fair value of listed investments of £6,401 and the fair value gain of £2,880, included in the profit and loss account for the year, is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

1,482,185

1,548,197

Other debtors

301,599

350,044

1,783,784

1,898,241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts

10,000

4,167

Trade creditors

53,587

33,237

Taxation and social security

402,153

392,345

Other creditors

694,709

901,877

1,160,449

1,331,626

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

35,833

45,833

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,833

9.	LEASING AGREEMENTS

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

31.1.22

31.1.21

£

£

Within one year

40,463

37,266

Between one and five years

49,560

67,467

90,023

104,733

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.22

31.1.21

£

£

Invoice financing facility

419,266

586,975

The invoice financing facility is secured on the trade debtors of Net Temps Limited and a fixed and floating charge over the company's assets was executed by the directors on 2 July 2007.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.22

31.1.21

value:

£

£

510

A ordinary

£1

510

510

340

B ordinary

£1

340

340

150

C ordinary

£1

150

150

1,000

1,000