PP Recruitment Limited - Filleted accounts

PP Recruitment Limited - Filleted accounts

PP RECRUITMENT LIMITED - Company Information

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PP Recruitment Limited
Registered number: 08250629
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 19,324 21,083
Current assets
Debtors 4 869,137 421,629
Cash at bank and in hand 169,139 46,922
1,038,276 468,551
Creditors: amounts falling due within one year 5 (673,068) (196,434)
Net current assets 365,208 272,117
Net assets 384,532 293,200
Capital and reserves
Profit and loss account 384,532 293,200
Shareholders' funds 384,532 293,200
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Bliss
Director
Approved by the board on 31 May 2017
PP Recruitment Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and Fittings 20% straight line
Motor vehicles 33% straight line
Debtors
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.
Creditors
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2016 1,000
At 31 December 2016 1,000
Amortisation
At 1 January 2016 1,000
At 31 December 2016 1,000
Net book value
At 31 December 2016 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Misc Office Items Furniture and Fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2016 117 20,657 11,312 32,086
Additions - 6,843 - 6,843
At 31 December 2016 117 27,500 11,312 38,929
Depreciation
At 1 January 2016 78 7,863 3,062 11,003
Charge for the year 39 5,501 3,062 8,602
At 31 December 2016 117 13,364 6,124 19,605
Net book value
At 31 December 2016 - 14,136 5,188 19,324
At 31 December 2015 39 12,794 8,250 21,083
4 Debtors 2016 2015
£ £
Trade debtors 662,662 340,835
Factoring Debtor 147,715 69,655
Other debtors 58,760 11,139
869,137 421,629
5 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 33,274 11,576
Trade creditors 186,092 70,307
Corporation tax 85,223 32,474
Other taxes and social security costs 124,099 46,370
Other creditors - Proposed Dividend 244,380 35,707
673,068 196,434
6 Other information
PP Recruitment Limited is a private company limited by shares and incorporated in England. Its registered office is:
58 Rushden Way
Upper Hale
Farnham
Surrey
GU9 0QG
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