Company registration number 06672671 (England and Wales)
YOLK RECRUITMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
YOLK RECRUITMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
YOLK RECRUITMENT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,338
22,971
Tangible assets
4
105,050
127,295
Investments
5
1
1
118,389
150,267
Current assets
Debtors
7
1,632,080
1,131,570
Cash at bank and in hand
67,060
1,084,975
1,699,140
2,216,545
Creditors: amounts falling due within one year
8
(1,303,542)
(1,493,784)
Net current assets
395,598
722,761
Total assets less current liabilities
513,987
873,028
Creditors: amounts falling due after more than one year
9
(143,809)
(194,144)
Provisions for liabilities
(10,762)
(31,824)
Net assets
359,416
647,060
Capital and reserves
Called up share capital
10
1,207
1,209
Capital redemption reserve
5
3
Profit and loss reserves
358,204
645,848
Total equity
359,416
647,060
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 2022 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 20 July 2023 and are signed on its behalf by:
Mr K R Evans
Director
Company Registration No. 06672671
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
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 amounts 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 wholly owned 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.
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 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
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.
1.7
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.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
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.
1.11
Government grants
Government grants are recognised at the fair value of the asset received 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:
2022
2021
Number
Number
Total
97
114
3
Intangible fixed assets
Website development
£
Cost
At 1 November 2021 and 31 October 2022
48,738
Amortisation and impairment
At 1 November 2021
25,767
Amortisation charged for the year
9,633
At 31 October 2022
35,400
Carrying amount
At 31 October 2022
13,338
At 31 October 2021
22,971
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2021
112,221
292,267
404,488
Additions
4,196
7,582
11,778
At 31 October 2022
116,417
299,849
416,266
Depreciation and impairment
At 1 November 2021
65,870
211,319
277,189
Depreciation charged in the year
11,293
22,734
34,027
At 31 October 2022
77,163
234,053
311,216
Carrying amount
At 31 October 2022
39,254
65,796
105,050
At 31 October 2021
46,350
80,945
127,295
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
6
Subsidiaries
Details of the company's subsidiaries at 31 October 2022 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Object 1 Solutions Limited
1
I.T. Consultancy
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
1st Floor, Anchor Court, Keen Road, Cardiff, CF24 5JW
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,174,829
922,643
Amounts owed by group undertakings
298,138
113,185
Other debtors
159,113
95,742
1,632,080
1,131,570
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
50,244
49,248
Trade creditors
179,552
179,469
Amounts owed to group undertakings
33,516
Taxation and social security
497,028
651,687
Other creditors
576,718
579,864
1,303,542
1,493,784
Included in bank loans and overdrafts above are amounts totaling £50,244 (2021 - £49,248) secured against the assets of the company.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
143,809
194,144
Included in bank loans and overdrafts above are amounts totalling £143,809 (2021 - £194,144) secured against the assets of the company.
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
700
700
7
7
Ordinary E of £1 each
1,200
1,200
1,200
1,200
Ordinary B of 1p each
-
174
-
2
1,900
2,074
1,207
1,209
On 22 June 2022 174 Ordinary £0.01 B Shares were cancelled.
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
11
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:
2022
2021
£
£
167,975
221,375
12
Parent company
Recolution Recruitment Group Limited own 100% of the ordinary shares and 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.