CY Partners Recruitment Ltd - Period Ending 2017-05-31

Registration number: 07646209

CY Partners Recruitment Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
NE30 1PX

CY Partners Recruitment Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	5

CY Partners Recruitment Ltd

Company Information

Directors

P Chatterjee D Younger

Registered office

Suite 2-3 Gateway West Business Centre , Gateway H Gateway West , Newburn Riverside Newcastle Upon Tyne Tyne and Wear NE15 8NX

Accountants

Blu Sky Chartered Accountants 17 Northumberland Square North Shields NE30 1PX

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CY Partners Recruitment Ltd
for the Year Ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CY Partners Recruitment Ltd for the year ended 31 May 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of CY Partners Recruitment Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of CY Partners Recruitment Ltd and state those matters that we have agreed to state to the Board of Directors of CY Partners Recruitment Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CY Partners Recruitment Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CY Partners Recruitment Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CY Partners Recruitment Ltd. You consider that CY Partners Recruitment Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CY Partners Recruitment Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
NE30 1PX

31 October 2017

Page 2

CY Partners Recruitment Ltd

(Registration number: 07646209)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	3	95,654	119,568
Tangible assets	4	1,083	1,516
		96,737	121,084
Current assets
Debtors	5	299,336	311,605
Cash at bank and in hand		478,114	369,662
		777,450	681,267
Creditors: Amounts falling due within one year	6	(120,450)	(134,440)
Net current assets		657,000	546,827
Total assets less current liabilities		753,737	667,911
Creditors: Amounts falling due after more than one year	6	-	(9,075)
Provisions for liabilities		(217)	-
Net assets		753,520	658,836
Capital and reserves
Called up share capital		60	60
Profit and loss account		753,460	658,776
Total equity		753,520	658,836

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject o the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 October 2017 and signed on its behalf by:

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

CY Partners Recruitment Ltd

(Registration number: 07646209)
Balance Sheet as at 31 May 2017

.........................................

P Chatterjee

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

CY Partners Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Suite 2-3
Gateway West Business Centre , Gateway H
Gateway West , Newburn Riverside
Newcastle Upon Tyne
Tyne and Wear
NE15 8NX
England

The company registered number is: 07646209

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	Straight Line 33%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 5

CY Partners Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Amortisation	Straight Line 10%

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
 

Page 6

CY Partners Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 June 2016	239,135	239,135
At 31 May 2017	239,135	239,135
Amortisation
At 1 June 2016	119,567	119,567
Amortisation charge	23,914	23,914
At 31 May 2017	143,481	143,481
Carrying amount
At 31 May 2017	95,654	95,654
At 31 May 2016	119,568	119,568

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	8,346	8,346
Additions	590	590
At 31 May 2017	8,936	8,936
Depreciation
At 1 June 2016	6,830	6,830
Charge for the year	1,023	1,023
At 31 May 2017	7,853	7,853
Carrying amount
At 31 May 2017	1,083	1,083
At 31 May 2016	1,516	1,516

Page 7

CY Partners Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

5

Debtors

	2017 £	2016 £
Trade debtors	294,991	307,576
Other debtors	4,345	4,029
Total current trade and other debtors	299,336	311,605

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		3,664	1,165
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	191	-
Taxation and social security		63,072	83,057
Other creditors		53,523	50,218
		120,450	134,440
Due after one year
Loans and borrowings	7	-	9,075

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	-	9,075

Page 8

CY Partners Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

8	Related party transactions

Advances to directors

2017	At 1 June 2016 £	Advances to directors £	Repayments by director £	At 31 May 2017 £
P Chatterjee
	(4,699)	14,547	(10,039)	(192)
	(4,699)	14,547	(10,039)	(192)
D Younger
	(4,377)	4,502	(39)	86
	(4,377)	4,502	(39)	86

9	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2016 - 35).

Page 9