REGISTERED NUMBER: 08166305 (England and Wales)

Twelve Recruitment Limited

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M R Sedgwick

REGISTERED OFFICE:

No 1 Poultry

London

EC2R 8JR

REGISTERED NUMBER:

08166305 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

1,636

Tangible assets

5

697

1,039

697

2,675

CURRENT ASSETS

Debtors

6

74,412

43,681

Cash at bank and in hand

56,784

58,830

131,196

102,511

CREDITORS

Amounts falling due within one year

7

(54,982

)

(52,220

)

NET CURRENT ASSETS

76,214

50,291

TOTAL ASSETS LESS CURRENT LIABILITIES

76,911

52,966

CREDITORS

Amounts falling due after more than one year

8

(31,244

)

(45,657

)

PROVISIONS FOR LIABILITIES

9

(307

)

(175

)

NET ASSETS

45,360

7,134

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

45,260

7,034

45,360

7,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 30 November 2018 and were signed by:

M R Sedgwick - Director

1.	STATUTORY INFORMATION

Twelve Recruitment Limited is a private company, limited by shares and 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

Turnover

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Computer equipment - Over 3 years on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable

amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is

recognised immediately as an expense within the profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying

amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it

relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences

arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances

are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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.

Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Leases

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance

leases. All other leases are classified as operating leases.

Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the

present value of the minimum lease payments at inception of the lease, including any incremental costs directly attributable to negotiating

and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the

present value of the minimum lease payments, calculated using the interest rate implicit in the lease.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit

in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the

remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a

straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general

inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are

recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Dividends

3.	STAFF NUMBERS

The average number of employees during the year was 1 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2017

and 31 March 2018

4,906

AMORTISATION

At 1 April 2017

3,270

Amortisation for year

1,636

At 31 March 2018

4,906

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

1,636

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2017

8,832

Additions

432

At 31 March 2018

9,264

DEPRECIATION

At 1 April 2017

7,793

Charge for year

774

At 31 March 2018

8,567

NET BOOK VALUE

At 31 March 2018

697

At 31 March 2017

1,039

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

40,249

7,776

Other debtors

33,723

32,005

Prepayments and accrued income

440

3,900

74,412

43,681

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

4,983

4,983

Trade creditors

494

-

Corporation tax

19,282

15,992

Social security and other taxes

17,122

3,155

Other creditors

13,101

22,385

Accruals and deferred income

-

5,705

54,982

52,220

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans - 1-2 years

5,197

9,111

Other loans - 2-5 years

26,047

36,546

31,244

45,657

9.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

Accelerated capital allowances

307

175

Deferred tax

£

Balance at 1 April 2017

175

Provided during year

132

Balance at 31 March 2018

307

10.	OPERATING LEASE COMMITMENTS

At 31 March 2018 the company had future minimum lease payments under non-cancellable operating leases as follows:

31.3.18

31.3.17

£

£

Within one year

12,834

2,924

12,834

2,924

11.	RELATED PARTY TRANSACTIONS