On-Site Recruitment Solutions Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04920850 (England and Wales)

Audited Financial Statements for the Year Ended 31 March 2017

for

On-Site Recruitment Solutions Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D D Burnett

Mrs C Rao

REGISTERED OFFICE:

Delme 2

Delme Place

Cams Hall Estate

Fareham

Hampshire

PO16 8UX

REGISTERED NUMBER:

04920850 (England and Wales)

AUDITORS:

Ency Associates

Chartered Certified Accountants

& Statutory Auditors

Printware Court

Cumberland Business Centre

Northumberland Road

Portsmouth

Hampshire

PO5 1DS

ACCOUNTANTS:

Ency Associates

Chartered Certified Accountants

& Tax Advisors

Printware Court

Cumberland Business Centre

Portsmouth

PO5 1DS

FIXED ASSETS

Tangible assets

4

56,014

57,226

CURRENT ASSETS

Debtors

5

2,360,908

1,811,639

Cash at bank and in hand

116,274

230,496

2,477,182

2,042,135

CREDITORS

Amounts falling due within one year

6

2,428,644

1,727,117

NET CURRENT ASSETS

48,538

315,018

TOTAL ASSETS LESS CURRENT LIABILITIES

104,552

372,244

CREDITORS

Amounts falling due after more than one year

7

(200,278

)

(250,000

)

PROVISIONS FOR LIABILITIES

(10,296

)

-

NET (LIABILITIES)/ASSETS

(106,022

)

122,244

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(106,122

)

122,144

SHAREHOLDERS' FUNDS

(106,022

)

122,244

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 Board of Directors on 6 December 2017 and were signed on its behalf by:

D D Burnett - Director

1.	STATUTORY INFORMATION

On-Site Recruitment Solutions Ltd 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the value of services provided, net of VAT, and the fair value of the right to

consideration in exchange for the performance of its contractual obligations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Computer

& fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

31,713

228,886

260,599

Additions

817

29,425

30,242

At 31 March 2017

32,530

258,311

290,841

DEPRECIATION

At 1 April 2016

23,695

179,678

203,373

Charge for year

1,767

29,687

31,454

At 31 March 2017

25,462

209,365

234,827

NET BOOK VALUE

At 31 March 2017

7,068

48,946

56,014

At 31 March 2016

8,018

49,208

57,226

5.

DEBTORS

31.3.17

31.3.16

£

£

Amounts falling due within one year:

Trade debtors

2,277,875

911,963

Amounts owed by group undertakings

-

450,684

Other debtors

83,033

98,992

2,360,908

1,461,639

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

350,000

Aggregate amounts

2,360,908

1,811,639

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

220,358

215,164

Amounts owed to group undertakings

744,747

508,660

Taxation and social security

82,600

243,635

Other creditors

1,380,939

759,658

2,428,644

1,727,117

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Amounts owed to group undertakings

200,278

250,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Invoice discounting advanced

1,290,481

641,988

A debenture in favour of National Westminster Bank Plc created on 22 January 2004 to the extent of

all monies due or to become due from the company on any account whatsoever.

An all assets debenture in favour of Lloyds TSB Commercial Finance Ltd created on 14 April 2004 to

the extent of all monies due or to become due from the company to the chargee under the terms of

the aforementioned instrument creating or evidencing the charge.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Alan R Ayling FCCA (Senior Statutory Auditor)

for and on behalf of Ency Associates

10.	CONTINGENT LIABILITIES

Lloyds TSB Commercial Finance have provided an invoice discounting service to On-Site Recruitment

Solutions Limited, On-Site Technical Limited, On-Site (London) Limited, and Impact Contract Services

Limited. The facility provided is a group facility with an aggregate review limit, at the Balance Sheet

date, of £4,500,000 and is secured by a cross guarantee between all four companies and The On-Site

Group Limited, the ultimate parent company.

A claim has been lodged against the parent company in respect of remedial costs relating to alleged

faulty work undertaken by a temporary worker placed by one of the group companies whilst under

the direct supervision of the client. This allegation has not been proven, nor has liability against the

company, should it be proven. Any financial outflow arising from this claim cannot be reliably

quantified, but the directors are of the opinion that the financial outflow will be £nil, but any actual

outflow may have implications across the group of companies as a whole.

11.	RELATED PARTY DISCLOSURES

Lloyds TSB Commercial Finance have provided an invoice discounting service to On-Site Recruitment

Solutions Limited, On-Site Technical Limited, On-Site (London) Limited, and Impact Contract Services

Limited. The monies advanced by Lloyds TSB Commercial Finance have been secured by way of a

debenture over the assets of On-Site Recruitment Solutions Limited, as well as cross guarantees

provided by The On-Site Group Limited, On-Site (London) Limited, Labour Only Construction Services

Limited (formerly On-Site Technical Limited), and Impact Contract Services Limited.

In addition to the cross guarantees provided, Mr D D Burnett and Mrs C Rao have also provided joint

and several personal guarantees.

The On-Site Group Ltd

Parent company

31.3.17

31.3.16

£

£

Amount due (to)/from related party at the balance sheet date

(503,592

)

148,471

On-Site (London) Ltd

Subsidiary of The On-Site Group Ltd

31.3.17

31.3.16

£

£

Amount due (to)/from related party at the balance sheet date

(240,452

)

652,213

On-Site Connect Ltd

Associated company

During the year the company had the following transactions with On-Site Connect Ltd:

Administration charges to

£90,960

Rent charges to

£3,392

IT and Telecommunications support and services from

£67,628

31.3.17

31.3.16

£

£

Amount due from related party at the balance sheet date

47,919

61,140

Labour Only Construction Services Ltd

Subsidiary of The On-Site Group Ltd

Formerly On-Site Technical Ltd.

31.3.17

31.3.16

£

£

Amount due to related party at the balance sheet date

604

-

Impact Contract Services Ltd

Subsidiary of The On-Site Group Ltd

31.3.17

31.3.16

£

£

Amount due to related party at the balance sheet date

200,278

758,560

Labour Only Construction Services Ltd

Dormant subsidiary of The On-Site Group Ltd

31.3.17

31.3.16

£

£

Amount due to related party at the balance sheet date

100

100

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D D Burnett.