REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2017 |
for |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2017 |
for |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED |
Company Information |
for the Year Ended 31 May 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Chester House |
17 Gold Tops |
Newport |
SOUTH WALES |
NP20 4PH |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Statement of Financial Position |
31 May 2017 |
31.5.17 | 31.5.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Statement of Financial Position - continued |
31 May 2017 |
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 by: |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
1. | STATUTORY INFORMATION |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED is a |
England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements |
as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity |
instrument is any contract that evidences a residual interest in the assets of the company after deducting all its |
liabilities. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement |
constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate |
of interest for a similar debt instrument. |
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 statement of financial position date. |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date where transactions or events have occurred at that date that will result in an |
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: |
- Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed |
assets, and gains on disposals of fixed assets that have been rolled over into replacement assets, only to the extent |
that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. |
However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more |
likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the |
replacement assets are sold. |
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 |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
Additions |
At 31 May 2017 |
DEPRECIATION |
At 1 June 2016 |
Charge for year |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade debtors |
Directors' loan accounts | 833 | 79,184 |
Tax |
Deferred tax asset |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 66,235 | 66,814 |
Other creditors |
Pension | 15,038 | 8,438 |
Directors' loan accounts | 12,939 | - |
Accruals and deferred income |
7. | DEFERRED TAX |
£ |
Balance at 1 June 2016 | ( |
) |
Provided during year |
Other timing differences | (1,405 | ) |
Balance at 31 May 2017 | ( |
) |
8. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £156,622 were paid to the directors . |
ABSOLUTE RECRUITMENT (NEWPORT) LIMITED (Registered number: 05680644) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
8. | RELATED PARTY DISCLOSURES - continued |
Included within Debtors are the following balances due from the directors: |
2017 | 2016 |
£ | £ |
Mr A P Minton & Mr P Williams | 37,384 |
Ms H G Thomas & Ms D Whitfield | 833 | 41,800 |
833 | 79,184 |
The loans are interest free and repayable on demand. |
In respect of each director who had an overdrawn loan account during the year the following transactions |
took place between the director and the company: |
Mr A P Minton & Mr P Williams | Ms H G Thomas & Ms D Whitfield |
£ | £ |
Opening Balance | (37,384 | ) | (41,800 | ) |
Dividends | 134,822 | 115,300 |
Amounts Drawn | (84,499 | ) | (74,333 | ) |
Closing Balance | 12,939 | (833 | ) |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is A P Minton. |
The company was under the control of Mr A.P. Minton throughout the current and previous year. Mr A.P. |
Minton is the majority shareholder. |
10. | FIRST YEAR ADOPTION |
This is the first year in which the financial statements have been prepared under FRS 102 (Section 1a). The date |
of transition was 01 June 2015. |
The transition to FRS 102 (Section 1a) has resulted in no changes in accounting policies to those used |
previously. |