Key Personnel Recruitment Limited 30/09/2022 iXBRL

KEY PERSONNEL RECRUITMENT LIMITED - Company Information

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Company registration number: SC123427

Key Personnel Recruitment Limited

Unaudited filleted financial statements

30 September 2022

Key Personnel Recruitment Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Key Personnel Recruitment Limited

Directors and other information


	Directors	Mr A M Bisset
		Ms S Robertson


	Company number	SC123427


	Registered office	First floor
		2b Valentine Court
		Kinnoull Road
		Dundee
		DD2 3QB


	Business address	First Floor
		2b Valentine Court
		Kinnoull Road
		Dundee
		DD2 3QB




	Bankers	Royal Bank of Scotland plc
		Dundee Chief Office
		3 High Street
		Dundee
		DD1 9LY

Key Personnel Recruitment Limited

Statement of financial position

30 September 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	3,354		7,097
Investments	6	75		75
		_______		_______
			3,429		7,172

Current assets
Debtors	7	497,626		298,816
Cash at bank and in hand		9,284		26,991
		_______		_______
		506,910		325,807
Creditors: amounts falling due
within one year	8	( 439,029)		( 274,349)
		_______		_______
Net current assets			67,881		51,458
			_______		_______
Total assets less current liabilities			71,310		58,630

Creditors: amounts falling due
after more than one year	9		-		( 3,303)

Provisions for liabilities			( 838)		( 1,900)

			_______		_______
Net assets			70,472		53,427
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			70,372		53,327
			_______		_______
Shareholder funds			70,472		53,427
			_______		_______

For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 Section 1A of 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 February 2023 , and are signed on behalf of the board by:

Mr A M Bisset

Director

Company registration number: SC123427

Key Personnel Recruitment Limited

Statement of changes in equity

Year ended 30 September 2022

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 October 2020	100	43,884	43,984

Profit for the year		79,443	79,443
	_______	_______	_______
Total comprehensive income for the year	-	79,443	79,443

Dividends paid and payable		( 70,000)	( 70,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 70,000)	( 70,000)

	_______	_______	_______
At 30 September 2021 and 1 October 2021	100	53,327	53,427

Profit for the year		19,045	19,045
	_______	_______	_______
Total comprehensive income for the year	-	19,045	19,045

Dividends paid and payable		( 2,000)	( 2,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 2,000)	( 2,000)

	_______	_______	_______
At 30 September 2022	100	70,372	70,472
	_______	_______	_______

Key Personnel Recruitment Limited

Notes to the financial statements

Year ended 30 September 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is First floor, 2b Valentine Court, Kinnoull Road, Dundee, DD2 3QB.

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.

Going concern

At the time of approving the financial statements, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and in particular the next 12 months. The Directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

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

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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 be paid or recovered 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:


Website	-	33 %	straight line
Computer equipment	-	33 %	straight line

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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 4 (2021: 4 ).

5. Tangible assets

	Website	Computer equipment	Total
	£	£	£
Cost
At 1 October 2021	10,900	20,699	31,599
Additions	-	2,073	2,073
	_______	_______	_______
At 30 September 2022	10,900	22,772	33,672
	_______	_______	_______
Depreciation
At 1 October 2021	5,992	18,510	24,502
Charge for the year	3,598	2,218	5,816
	_______	_______	_______
At 30 September 2022	9,590	20,728	30,318
	_______	_______	_______
Carrying amount
At 30 September 2022	1,310	2,044	3,354
	_______	_______	_______
At 30 September 2021	4,908	2,189	7,097
	_______	_______	_______

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 October 2021 and 30 September 2022	75	75
	_______	_______
Impairment
At 1 October 2021 and 30 September 2022	-	-
	_______	_______
Carrying amount
At 30 September 2022	75	75
	_______	_______
At 30 September 2021	75	75
	_______	_______

7. Debtors

	2022	2021
	£	£
Trade debtors	439,407	268,815
Other debtors	58,219	30,001
	_______	_______
	497,626	298,816
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	3,536	3,384
Amounts owed to group undertakings and undertakings in which the company has a participating interest	261	24,281
Social security and other taxes	248,655	149,696
Other creditors	186,577	96,988
	_______	_______
	439,029	274,349
	_______	_______

Other creditors includes an amount of £94,744 (2021: £7,083) in respect of invoice discounters. The balance is secured against the trade debtors balances. The Royal Bank of Scotland holds a bond and floating charge over all the assets of the company. The company has granted to its bankers a cross guarantee in respect of the company's bank balance and those of all other group companies.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	-	3,303
	_______	_______

10. Controlling party

The company is a wholly owned subsidiary undertaking of Cortachy Holdings Limited, a company incorporated in Scotland. Cortachy Holdings Limited is a wholly owned subsidiary undertaking of DP & L Holdings Limited of which Mr A M Bisset is the controlling director. The financial statements of DP & L Holdings Limited may be obtained from First Floor 2b Valentine Court, Kinnoull Road, Dundee, Scotland, DD2 3QB.