Xpress Recruitment Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC244891 (Scotland)

Xpress Recruitment Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P J Wilson

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

GyleWorks

34 South Gyle Crescent

South Gyle Business Park

Edinburgh

EH12 9EB

REGISTERED NUMBER:

SC244891 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland

43 Comely Bank

Edinburgh

EH4 1AF

FIXED ASSETS

Tangible assets

4

1,755

2,339

CURRENT ASSETS

Debtors

5

105,583

56,501

Cash at bank and in hand

1,202

1,373

106,785

57,874

CREDITORS

Amounts falling due within one year

6

80,806

31,859

NET CURRENT ASSETS

25,979

26,015

TOTAL ASSETS LESS CURRENT LIABILITIES

27,734

28,354

PROVISIONS FOR LIABILITIES

385

444

NET ASSETS

27,349

27,910

CAPITAL AND RESERVES

Called up share capital

90

90

Share premium

27,003

27,003

Capital redemption reserve

15

15

Retained earnings

241

802

SHAREHOLDERS' FUNDS

27,349

27,910

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 March 2024 and were signed by:

Mr P J Wilson - Director

1.	STATUTORY INFORMATION

Xpress Recruitment Limited is a private company, limited by shares , registered in Scotland. 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.

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.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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 charged to profit or loss 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 profit or loss in the period to which they relate.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2023

16,744

Disposals

(2,339

)

At 31 December 2023

14,405

DEPRECIATION

At 1 January 2023

14,405

Charge for year

585

Eliminated on disposal

(2,340

)

At 31 December 2023

12,650

NET BOOK VALUE

At 31 December 2023

1,755

At 31 December 2022

2,339

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

95,141

30,676

Amounts owed by associates

-

19,743

Other debtors

10,442

6,082

105,583

56,501

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

7,952

828

Trade creditors

18,752

8,456

Amounts owed to associates

21,236

-

Taxation and social security

31,056

12,991

Other creditors

1,810

9,584

80,806

31,859

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

7,952

828

The bank borrowings are secured by personal guarantees from the director.

The factoring company holds a floating charge over the company's assets.

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023

2022

£

£

Mr P J Wilson

Balance outstanding at start of year

1,573

2,492

Amounts advanced

4,357

2,331

Amounts repaid

(3,250

)

(3,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,680

1,573

This loan is interest free, unsecured and has no set repayment date.