COMPANY REGISTRATION NO. 06672671 (England and Wales)
YOLK RECRUITMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
YOLK RECRUITMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
YOLK RECRUITMENT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
42,240
18,871
Tangible assets
4
163,990
170,754
206,230
189,625
Current assets
Debtors
5
785,941
680,685
Cash at bank and in hand
690,500
307,788
1,476,441
988,473
Creditors: amounts falling due within one year
6
(1,124,511)
(850,869)
Net current assets
351,930
137,604
Total assets less current liabilities
558,160
327,229
Creditors: amounts falling due after more than one year
7
(37,581)
(98,713)
Provisions for liabilities
(1,770)
(1,770)
Net assets
518,809
226,746
Capital and reserves
Called up share capital
8
1,209
1,209
Capital redemption reserve
3
3
Profit and loss reserves
517,597
225,534
Total equity
518,809
226,746
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 year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 year 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
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2020 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 YEAR ENDED 31 OCTOBER 2019
- 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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Yolk Recruitment Limited is a subsidiary of Recolution Recruitment Group Limited.
1.2
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation 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:
Website development
- 5 years
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
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
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 profit or loss 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
.
1.10
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 year was:
2019
2018
Number
Number
Total
62
60
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 6 -
3
Intangible fixed assets
Website development
£
Cost
At 1 November 2018
18,871
Additions
29,867
At 31 October 2019
48,738
Amortisation and impairment
At 1 November 2018
-
Amortisation charged for the year
6,498
At 31 October 2019
6,498
Carrying amount
At 31 October 2019
42,240
At 31 October 2018
18,871
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2018
110,711
137,818
110,097
358,626
Additions
-
36,496
11,170
47,666
At 31 October 2019
110,711
174,314
121,267
406,292
Depreciation and impairment
At 1 November 2018
32,592
81,203
74,077
187,872
Depreciation charged in the year
11,078
27,548
15,804
54,430
At 31 October 2019
43,670
108,751
89,881
242,302
Carrying amount
At 31 October 2019
67,041
65,563
31,386
163,990
At 31 October 2018
78,119
56,615
36,020
170,754
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
664,198
518,211
Amounts owed by group undertakings
58,865
53,436
Other debtors
62,878
109,038
785,941
680,685
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
16,234
35,228
Trade creditors
95,724
77,348
Amounts owed to group undertakings
35,847
24,118
Corporation tax
148,979
63,771
Other taxation and social security
375,966
282,353
Other creditors
451,761
368,051
1,124,511
850,869
Included in other creditors above are
obligations under finance leases
totalling £32,422 (2018 - £29,186)
secured
against
the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
21,274
49,023
Other creditors
16,307
49,690
37,581
98,713
Included in
O
ther creditors above are
obligations under finance leases
totalling £16,307 (2018 - £49,690)
secured
against
the assets to which they relate.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 8 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
700 Ordinary of 1p each
7
7
1,200 Ordinary E of £1 each
1,200
1,200
174 Ordinary B of 1p each
2
2
1,209
1,209
9
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:
2019
2018
£
£
329,302
382,702
10
Parent company
Recolution Recruitment Group Limited own 100% of the
ordinary
shares
and 80% of the total voting rights
in Yolk Recruitment Limited.
The registered office of Recolution Recruitment Group Limited is The Shell, Floor 1, Anchor Court, Keen Road, Cardiff, CF24 5JW.