| IRS Recruitment Limited |
| Notes to the Accounts |
| for the year ended 31 March 2023 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents the value, net of discounts and value added taxes, of work carried out in respect of services provided to customers, to the extent that there is a right to consideration, and it is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover is recognised as the value of the service provided to date based on a proportion of the total contract value. Turnover is attributable to one continuing activity, that of employment agency and employment business. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
52 |
|
24 |
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| 3 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
590,768 |
|
80,184 |
|
Prepayments and accrued income |
56,765 |
|
11,865 |
|
|
|
|
|
|
647,533 |
|
92,049 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade creditors |
6,013 |
|
10,429 |
|
Amounts owed to holding company |
|
2,712,968 |
|
2,072,312 |
|
Other taxation and social security costs |
174,847 |
|
15,671 |
|
Accruals and deferred income |
84,689 |
|
27,665 |
|
Other creditors |
2,999 |
|
762 |
|
|
|
|
|
|
2,981,516 |
|
2,126,839 |
|
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| 5 |
Other information |
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IRS Recruitment Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
31 New Market |
|
Beccles |
|
Suffolk |
|
England |
|
NR34 9HE |
