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Registered number: |
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Balance Sheet | |||||||
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Notes | 2020 | 2019 | |||||
£ | £ | £ | £ | ||||
Fixed assets | |||||||
Tangible assets | 3 |
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Current assets | |||||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 6 | ( |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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S Wade | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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COVID-19 | ||||||||
At the date of these accounts, the Coronavirus (COVID-19) continues to be a significant international event with the impact being felt in the UK and the rest of the world. On the onset of COVID-19, the company considered that the main uncertainty the company was facing was the extent of the reduction in demand for its services. To manage this, a very tight plan of savings was applied. This focused on cash savings, which in turn would provide ongoing cash flow, should the pandemic continue, beyond the financial year end. To help with this, the company applied for, and successfully received, the Coronavirus Bounce Back Loan, used Coronavirus Job Retention Scheme, moved out of its premises and asked the staff to work remotely. The company provides recruitment services mainly in the construction sector. After the initial lockdown of 2020, the construction industry gradually resumed operations. Directors have considered the outlook for the company and the company is continuing to trade satisfactorily and has sufficient cash reserves to continue as a Going Concern. |
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Turnover | ||||||||
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Tangible fixed assets | ||||||||
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Equipment | 20 % straight line | |||||||
Debtors | ||||||||
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Creditors | ||||||||
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Taxation | ||||||||
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Provisions | ||||||||
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Foreign currency translation | ||||||||
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Leased assets | ||||||||
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Pensions | ||||||||
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Government grants | ||||||||
Government grants are not recognised until there is reasonable assurance that the entity will (a) comply with the conditions attached to them and (b) the grants will be received. The company choses to recognise grants based on the accrual model. Grants related to income are presented as part of profit or loss, under a general heading of ‘other operating income. | ||||||||
2 | Employees | 2020 | 2019 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. | ||||||||
3 | Tangible fixed assets | |||||||
Equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Depreciation | ||||||||
At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Net book value | ||||||||
At 30 September 2020 |
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At 30 September 2019 |
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4 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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Trade debtors include invoices discounted amounting to £679.636 (2019: £1,274,601). | ||||||||
5 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Payments on account from invoice discounting company | 143,113 | 709,644 | ||||||
Bank loans and overdrafts | - |
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Trade creditors |
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Taxation and social security costs |
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Other creditors |
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6 | Creditors: amounts falling due after one year | 2020 | 2019 | |||||
£ | £ | |||||||
Bank loans |
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A Coronavirus Bounce Back Loan was taken out in July 2020 with the company's bankers. | ||||||||
100% of this loan is government guaranteed. | ||||||||
There is an interest free period of 12 months, after which the interest is charged at 2.5% | ||||||||
No repayment of capital was required during the period of 12 months from drawdown. | ||||||||
The loan was repayable over any period up to 6 years. | ||||||||
7 | Payments on account from invoice discounting company | 2020 | 2019 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Secured payments on account from invoice discounting company | 143,113 | 709,644 | ||||||
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8 | Pension commitments | |||||||
The company is operating a defined contribution scheme. During the year the company contributed £43,136 (2019: £15,782). | ||||||||
9 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
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170,828 | 32,486 | - | 203,314 | |||||
10 | Other information | |||||||
Borne Resourcing Ltd is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
32-34 Arlington Road | ||||||||
London | ||||||||
NW1 7HU | ||||||||
The accounts are presented in Sterling, which is the functional currency of the company. |