Net Temps Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03614178 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2017

for

Net Temps Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T White

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

189,186

166,695

Investments

5

7,549

7,594

196,735

174,289

CURRENT ASSETS

Stocks

2,400

2,400

Debtors

6

1,582,102

1,879,708

Cash in hand

32

84

1,584,534

1,882,192

CREDITORS

Amounts falling due within one year

7

(1,449,254

)

(1,718,552

)

NET CURRENT ASSETS

135,280

163,640

TOTAL ASSETS LESS CURRENT LIABILITIES

332,015

337,929

CREDITORS

Amounts falling due after more than one year

8

(30,136

)

(32,421

)

PROVISIONS FOR LIABILITIES

(14,277

)

(13,461

)

NET ASSETS

287,602

292,047

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

286,602

291,047

SHAREHOLDERS' FUNDS

287,602

292,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 September 2017 and were signed by:

T White - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% 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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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 23 (2016 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2016

294,029

Additions

76,275

Disposals

(33,588

)

At 31 January 2017

336,716

DEPRECIATION

At 1 February 2016

127,334

Charge for year

40,560

Eliminated on disposal

(20,364

)

At 31 January 2017

147,530

NET BOOK VALUE

At 31 January 2017

189,186

At 31 January 2016

166,695

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2016

75,371

Additions

53,000

Transfer to ownership

(9,300

)

At 31 January 2017

119,071

DEPRECIATION

At 1 February 2016

14,620

Charge for year

24,836

Transfer to ownership

(5,377

)

At 31 January 2017

34,079

NET BOOK VALUE

At 31 January 2017

84,992

At 31 January 2016

60,751

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2016

7,594

Revaluations

(45

)

At 31 January 2017

7,549

NET BOOK VALUE

At 31 January 2017

7,549

At 31 January 2016

7,594

The fair value of listed investments of £7,549 and the fair value loss of £45 included in the profit 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

31.1.17

31.1.16

£

£

Trade debtors

1,293,744

1,639,890

Other debtors

288,358

239,818

1,582,102

1,879,708

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

262

2,074

Hire purchase contracts (see note 9)

40,339

23,837

Trade creditors

203,136

190,514

Taxation and social security

339,671

268,168

Other creditors

865,846

1,233,959

1,449,254

1,718,552

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Hire purchase contracts (see note 9)

30,136

32,421

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.1.17

31.1.16

£

£

Net obligations repayable:

Within one year

40,339

23,837

Between one and five years

30,136

32,421

70,475

56,258

Non-cancellable

operating leases

31.1.17

31.1.16

£

£

Within one year

24,000

24,000

Between one and five years

18,500

42,500

42,500

66,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Invoice financing facility

731,321

1,077,088

Hire purchase contracts

70,475

56,258

801,796

1,133,346

The invoice financing facility is provided by RBS Invoice Finance Limited and is secured on the trade

debtors of Net Temps Limited. A fixed and floating charge over the company's assets in favour of RBS

Invoice Finance Limited was executed by the directors on 2 July 2007.

Obligations under hire purchase contracts are secured on the assets concerned.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

1,000

Ordinary shares

1

1,000

1,000