COMPANY REGISTRATION NO. 06672671 (England and Wales)
YOLK RECRUITMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2016
PAGES FOR FILING WITH REGISTRAR
YOLK RECRUITMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
YOLK RECRUITMENT LIMITED
BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
334,396
286,960
Current assets
Debtors
4
479,122
384,146
Cash at bank and in hand
123,666
69,512
602,788
453,658
Creditors: amounts falling due within one year
5
(536,486)
(468,986)
Net current assets/(liabilities)
66,302
(15,328)
Total assets less current liabilities
400,698
271,632
Creditors: amounts falling due after more than one year
6
(188,798)
(94,561)
Provisions for liabilities
(27,908)
(48,959)
Net assets
183,992
128,112
Capital and reserves
Called up share capital
7
1,207
1,207
Capital redemption reserve
3
3
Profit and loss reserves
182,782
126,902
Total equity
183,992
128,112
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
YOLK RECRUITMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 December 2017 and are signed on its behalf by:
Mr D Williams
Mr D Powell
Director
Director
Company Registration No. 06672671
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2016
- 3 -
1
Accounting policies
Company information
Yolk Recruitment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Shell, Floor 1, Anchor Court, Keen Road, Cardiff, CF24 5JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 30 April 2016
are the
first
financial statements of Yolk Recruitment Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
The reporting period has changed for commercial purposes and the annual statements are presented for a shorter period than one year, therefore the comparative amounts presented in the financial statements are not entirely comparative.
1.3
Turnover
Turnover represents amounts receivable for services
provided in the normal course of business
net of VAT and trade discounts.
Revenue from recruitment contracts is recognised over the period of the contract when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
20% on cost
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2016
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 45 (2015 - 43).
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2016
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2016
110,711
191,928
64,551
367,190
Additions
-
16,345
50,314
66,659
At 30 April 2016
110,711
208,273
114,865
433,849
Depreciation and impairment
At 1 January 2016
923
39,437
39,870
80,230
Depreciation charged in the period
3,550
11,418
4,255
19,223
At 30 April 2016
4,473
50,855
44,125
99,453
Carrying amount
At 30 April 2016
106,238
157,418
70,740
334,396
At 31 December 2015
109,788
152,491
24,681
286,960
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
289,316
233,602
Other debtors
98,669
110,276
Prepayments and accrued income
91,137
40,268
479,122
384,146
5
Creditors: amounts falling due within one year
2016
2015
Notes
£
£
Bank loans and overdrafts
21,719
21,335
Obligations under finance leases
59,830
2,651
Trade creditors
149,367
33,769
Corporation tax
8,929
14,704
Other taxation and social security
92,996
104,978
Other creditors
160,457
88,636
Accruals and deferred income
43,188
202,913
536,486
468,986
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2016
- 6 -
6
Creditors: amounts falling due after more than one year
2016
2015
£
£
Bank loans and overdrafts
70,679
78,136
Other creditors
118,119
16,425
188,798
94,561
The bank loans and hire purchase contracts are secured over fixtures, fittings and equipment.
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,965
5,137
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
700 Ordinary of 1p each
7
7
1,200 Ordinary A of £1 each
1,200
1,200
1,207
1,207
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2016
2015
£
£
633,124
677,082
9
Prior year adjustment
The prior year adjustment relates to the transfer of £20,000 from the share premium account to the profit and loss account. The shares on which the premium arose were repurchased by the company in 2011.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2016
- 7 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
17,576
37,448
(2,726)
52,298
Director
-
13,350
35,898
(2,877)
46,371
30,926
73,346
(5,603)
98,669