Company registration number 06672671 (England and Wales)
YOLK RECRUITMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
YOLK RECRUITMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
YOLK RECRUITMENT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,971
32,604
Tangible assets
5
127,295
127,242
Investments
4
1
150,267
159,846
Current assets
Debtors
6
1,131,570
998,189
Cash at bank and in hand
1,084,975
781,163
2,216,545
1,779,352
Creditors: amounts falling due within one year
7
(1,493,784)
(1,137,613)
Net current assets
722,761
641,739
Total assets less current liabilities
873,028
801,585
Creditors: amounts falling due after more than one year
8
(194,144)
(260,573)
Provisions for liabilities
(31,824)
(10,378)
Net assets
647,060
530,634
Capital and reserves
Called up share capital
9
1,209
1,209
Capital redemption reserve
3
3
Profit and loss reserves
645,848
529,422
Total equity
647,060
530,634
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 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 10 May 2022 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 2021
- 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 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 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 2021
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 2021
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
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
.
1.11
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:
2021
2020
Number
Number
Total
114
84
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 5 -
3
Intangible fixed assets
Website development
£
Cost
At 1 November 2020 and 31 October 2021
48,738
Amortisation and impairment
At 1 November 2020
16,134
Amortisation charged for the year
9,633
At 31 October 2021
25,767
Carrying amount
At 31 October 2021
22,971
At 31 October 2020
32,604
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2020
-
Valuation changes
1
At 31 October 2021
1
Carrying amount
At 31 October 2021
1
At 31 October 2020
-
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
5
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2020
110,711
170,369
89,080
370,160
Additions
1,510
5,700
31,380
38,590
Disposals
(4,265)
(4,265)
At 31 October 2021
112,221
176,069
116,195
404,485
Depreciation and impairment
At 1 November 2020
54,747
138,180
49,991
242,918
Depreciation charged in the year
11,124
9,997
13,151
34,272
At 31 October 2021
65,871
148,177
63,142
277,190
Carrying amount
At 31 October 2021
46,350
27,892
53,053
127,295
At 31 October 2020
55,964
32,189
39,089
127,242
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
922,643
686,078
Amounts owed by group undertakings
113,185
234,894
Other debtors
95,742
77,217
1,131,570
998,189
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
49,248
37,837
Trade creditors
179,469
104,789
Amounts owed to group undertakings
33,516
Corporation tax
177,839
100,055
Other taxation and social security
473,848
521,680
Other creditors
579,864
373,252
1,493,784
1,137,613
Included in other creditors above are obligations under finance leases totalling £nil (2020 - £24,500) secured against the assets to which they relate.
Included in bank loans and overdrafts above are amounts totalling £49,248 (2020 - £20
,
981) secured against the assets of the company.
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
194,144
246,146
Other creditors
14,427
194,144
260,573
Included in other creditors above are
obligations under finance leases
totalling £nil (2020 - £14,427)
secured
against
the assets to which they relate.
Included in bank loans and overdrafts above are amounts totalling £194,144 (2020 - £230,791)
secured
against
the assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
29,373
9
Called up share capital
2021
2020
2021
2020
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
174
2
2
2,074
2,074
1,209
1,209
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 8 -
10
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:
2021
2020
£
£
221,375
275,902
11
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.