First Recruitment Services Holdings Limited Small abridged accounts

FIRST RECRUITMENT SERVICES HOLDINGS LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of First Recruitment Services Holdings Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05641609

First Recruitment Services Holdings Limited

Filleted unaudited abridged financial statements

31 December 2017

First Recruitment Services Holdings Limited

Abridged financial statements

Year ended 31 December 2017

Contents	Page

Reporting accountants report to the director on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	3

First Recruitment Services Holdings Limited

Reporting accountants report to the director on the preparation of the unaudited statutory abridged financial statements of First Recruitment Services Holdings Limited

Year ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of First Recruitment Services Holdings Limited for the year ended 31 December 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements. This report is made solely to the director of First Recruitment Services Holdings Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abridged financial statements of First Recruitment Services Holdings Limited and state those matters that we have agreed to state you in this report in accordance with the requirements of the Association of Chartered Certified Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Recruitment Services Holdings Limited and its director for our work or for this report.

It is your duty to ensure that First Recruitment Services Holdings Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Recruitment Services Holdings Limited. You consider that First Recruitment Services Holdings Limited 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 abridged financial statements of First Recruitment Services Holdings Limited. 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 abridged financial statements.

BROOKS CARLING ACCOUNTANTS LIMITED Reporting accountants

Highview House, 1st Floor, Tattenham Crescent Epsom Surrey KT18 5QJ

23 April 2018

First Recruitment Services Holdings Limited

Abridged statement of financial position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		1,251,928	1,251,928

Current assets

Debtors	6		6

Creditors: amounts falling due within one year	902,965		902,965
	---------		---------
Net current liabilities		902,959	902,959
		------------	------------
Total assets less current liabilities		348,969	348,969
		---------	---------

Capital and reserves

Called up share capital	5	10	10
Other reserves		18	18
Profit and loss account		348,941	348,941
		---------	---------
Shareholders funds		348,969	348,969
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

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

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 23 April 2018 , and are signed on behalf of the board by:

A P Kaltz
Director

Company registration number: 05641609

First Recruitment Services Holdings Limited

Notes to the abridged financial statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clair House, 3-5 Clair Road, Haywards Heath, West Sussex, RH16 3DP.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Investments

	£
Cost
At 1 January 2017 and 31 December 2017	1,755,928
	------------
Impairment
At 1 January 2017 and 31 December 2017	504,000
	------------
Carrying amount
At 31 December 2017	1,251,928
	------------
At 31 December 2016	1,251,928
	------------

5. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Amounts presented in equity:

Ordinary shares of £ 0.01 each	1,000	10	1,000	10
	-------	----	-------	----

Amounts presented in liabilities:

Preference shares of £ 0.01 each	7,000	70	7,000	70
	-------	----	-------	----

In the prior year, the company repurchased 1,800 ordinary 1p shares from S Galvin at a cost of £225,000. Following this, the company converted 7,000 1p ordinary shares into 7,000 1p preference shares and issued 1,000 1p ordinary shares at par.

6. Related party transactions

The company was under the control of A P Kaltz throughout the current and previous year. A P Kaltz is the managing director and majority shareholder. During the period the company received a dividend of £252,600 (2016: £494,950) from First Recruitment Services Limited. £252,600 was paid to Mr and Mrs Kaltz on their Preference shares. At the year end First Recruitment Services Holdings Limited owed First Recruitment Services Limited £902,895 (2016: £902,895). Centric SPV 1 Limited has Composite Guarantee and Debenture over the company dated 01 March 2011. This is a charge over all monies due or to become due to the company. This is in relation to the trade financing provided to First Recruitment Services Limited. First Recruitment Services Limited is a wholly owned subsidiary of First Recruitment Services Holdings Limited .