Recruitment Direct UK Limited Filleted accounts for Companies House (small and micro)

RECRUITMENT DIRECT UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC301107

Recruitment Direct UK Limited

Filleted Unaudited Financial Statements

For the year ended

30 April 2018

Recruitment Direct UK Limited

Statement of Financial Position

30 April 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	98,142	109,859

Current assets

Debtors	6	583,596	695,102
Cash at bank and in hand		27,141	77,179
		---------	---------
		610,737	772,281

Creditors: amounts falling due within one year	7	338,540	403,317
		---------	---------
Net current assets		272,197	368,964
		---------	---------
Total assets less current liabilities		370,339	478,823

Provisions

Taxation including deferred tax	1,990	2,664
	---------	---------
Net assets	368,349	476,159
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	368,249	476,059
	---------	---------
Shareholders funds	368,349	476,159
	---------	---------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 30 April 2018 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 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 financial statements .

Recruitment Direct UK Limited

Statement of Financial Position (continued)

30 April 2018

These financial statements were approved by the board of directors and authorised for issue on 23 January 2019 , and are signed on behalf of the board by:

Mr S. Peddie
Director

Company registration number: SC301107

Recruitment Direct UK Limited

Notes to the Financial Statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lock 9 Cottage, Tophill Entry, Camelon Road, Falkirk, FK15 8WX.

2. Statement of compliance

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	4% straight line
Leasehold Property	-	4% straight line
Plant & Machinery	-	10% straight line
Fixture & Fittings	-	20% straight line

Motor Vehicles	-	25% reducing balance
Equipment	-	33% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 15 ).

5. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 May 2017	70,824	41,137	6,400	60,256	28,995	207,612
Additions	–	–	–	3,026	9,094	12,120
Disposals	–	–	–	–	( 28,994)	( 28,994)
	--------	--------	-------	--------	--------	---------
At 30 Apr 2018	70,824	41,137	6,400	63,282	9,095	190,738
	--------	--------	-------	--------	--------	---------
Depreciation
At 1 May 2017	11,332	13,169	1,973	54,737	17,399	98,610
Charge for the year	2,833	1,645	640	3,993	2,274	11,385
Disposals	–	–	–	–	( 17,399)	( 17,399)
	--------	--------	-------	--------	--------	---------
At 30 Apr 2018	14,165	14,814	2,613	58,730	2,274	92,596
	--------	--------	-------	--------	--------	---------
Carrying amount
At 30 Apr 2018	56,659	26,323	3,787	4,552	6,821	98,142
	--------	--------	-------	--------	--------	---------
At 30 Apr 2017	59,492	27,968	4,427	5,519	11,596	109,002
	--------	--------	-------	--------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	348,901	369,604
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	73,951
Other debtors	234,695	251,547
	---------	---------
	583,596	695,102
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	31,717	21,854
Trade creditors	816	7,541
Corporation tax	9,410	72,995
Social security and other taxes	34,462	31,401
Other creditors	262,135	269,526
	---------	---------
	338,540	403,317
	---------	---------

8. Director's advances, credits and guarantees

During the year the company owed £215,460 (2017 £231,630) to the Director.

9. Related party transactions

During the year the Director received a salary of £9,600(2017:£9,600) and dividends of £49,725 (2017:102,960). Mr S Peddie, a 45% shareholder and Director of the company, is a Director of The New Snacksman Ltd. At the year end the balance owed to the company by The New Snacksman Ltd was £19,235.