COMPANY REGISTRATION NO. 06672671 (England and Wales)
YOLK RECRUITMENT LIMITED
ANNUAL REPORT AND  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
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
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,871
-
Tangible assets
4
170,754
221,840
189,625
221,840
Current assets
Debtors
5
680,685
558,755
Cash at bank and in hand
307,788
319,088
988,473
877,843
Creditors: amounts falling due within one year
6
(850,869)
(701,903)
Net current assets
137,604
175,940
Total assets less current liabilities
327,229
397,780
Creditors: amounts falling due after more than one year
7
(98,713)
(168,553)
Provisions for liabilities
(1,770)
(13,287)
Net assets
226,746
215,940
Capital and reserves
Called up share capital
8
1,209
1,207
Capital redemption reserve
3
3
Profit and loss reserves
225,534
214,730
Total equity
226,746
215,940

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 2018 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 2018
31 October 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2019 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 2018
- 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 wholly owned subsidiary of Recolution Recruitment Group Limited.

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
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
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 4 -

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
1.6
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.

1.7
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.

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.

YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 5 -

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 60 (2017 - 46).

3
Intangible fixed assets
Website development
£
Cost
At 1 November 2017
-
Additions
18,871
At 31 October 2018
18,871
Amortisation and impairment
At 1 November 2017 and 31 October 2018
-
Carrying amount
At 31 October 2018
18,871
At 31 October 2017
-
YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 6 -
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2017
110,711
137,818
105,447
353,976
Additions
-
-
4,650
4,650
At 31 October 2018
110,711
137,818
110,097
358,626
Depreciation and impairment
At 1 November 2017
21,515
53,639
56,982
132,136
Depreciation charged in the year
11,077
27,564
17,095
55,736
At 31 October 2018
32,592
81,203
74,077
187,872
Carrying amount
At 31 October 2018
78,119
56,615
36,020
170,754
At 31 October 2017
89,196
84,179
48,465
221,840
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
518,211
487,818
Amounts owed by group undertakings
53,436
-
Other debtors
109,038
70,937
680,685
558,755
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
35,228
33,086
Trade creditors
77,348
46,316
Amounts owed to group undertakings
24,118
-
Corporation tax
63,771
104,828
Other taxation and social security
282,353
226,175
Other creditors
368,051
291,498
850,869
701,903

Included in O ther creditors above are obligations under finance leases totalling £29,186 (2017: £25,836) secured against the assets to which they relate.

YOLK RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 7 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
49,023
89,522
Other creditors
49,690
79,031
98,713
168,553

Included in O ther creditors above are obligations under finance leases totalling £49,690 (2017: £79,031) secured against the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
2,175
8
Called up share capital
2018
2017
£
£
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
174 (2017: 0) Ordinary B of 1p each
2
-
1,209
1,207
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:

2018
2017
£
£
382,702
436,102
10
Parent company

On 15th February 2018 Recolution Recruitment Group Limited acquired 100% of the Ordinary shares and 80% of the total voting rights in Yolk Recruitment Limited via a share exchange.

 

The address of Recolution Recruitment Group Limited is The Shell, Floor 1, Anchor Court, Keen Road, Cardiff, CF24 5JW.

 

 

2018-10-31 2017-11-01 false CCH Software CCH Accounts Production 2019.200 No description of principal activity 25 July 2019 Mr D Williams Mr D Powell 06672671 2017-11-01 2018-10-31 06672671 2018-10-31 06672671 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2018-10-31 06672671 2017-10-31 06672671 core:LeaseholdImprovements 2018-10-31 06672671 core:FurnitureFittings 2018-10-31 06672671 core:ComputerEquipment 2018-10-31 06672671 core:LeaseholdImprovements 2017-10-31 06672671 core:FurnitureFittings 2017-10-31 06672671 core:ComputerEquipment 2017-10-31 06672671 core:CurrentFinancialInstruments 2018-10-31 06672671 core:CurrentFinancialInstruments 2017-10-31 06672671 core:Non-currentFinancialInstruments 2018-10-31 06672671 core:Non-currentFinancialInstruments 2017-10-31 06672671 core:ShareCapital 2018-10-31 06672671 core:ShareCapital 2017-10-31 06672671 core:CapitalRedemptionReserve 2018-10-31 06672671 core:CapitalRedemptionReserve 2017-10-31 06672671 core:RetainedEarningsAccumulatedLosses 2018-10-31 06672671 core:RetainedEarningsAccumulatedLosses 2017-10-31 06672671 core:ShareCapitalOrdinaryShares 2018-10-31 06672671 core:ShareCapitalOrdinaryShares 2017-10-31 06672671 bus:Director1 2017-11-01 2018-10-31 06672671 bus:Director2 2017-11-01 2018-10-31 06672671 core:IntangibleAssetsOtherThanGoodwill 2017-11-01 2018-10-31 06672671 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2017-11-01 2018-10-31 06672671 core:FurnitureFittings 2017-11-01 2018-10-31 06672671 core:ComputerEquipment 2017-11-01 2018-10-31 06672671 core:LeaseholdImprovements 2017-10-31 06672671 core:FurnitureFittings 2017-10-31 06672671 core:ComputerEquipment 2017-10-31 06672671 2017-10-31 06672671 core:LeaseholdImprovements 2017-11-01 2018-10-31 06672671 bus:PrivateLimitedCompanyLtd 2017-11-01 2018-10-31 06672671 bus:FRS102 2017-11-01 2018-10-31 06672671 bus:AuditExemptWithAccountantsReport 2017-11-01 2018-10-31 06672671 bus:SmallCompaniesRegimeForAccounts 2017-11-01 2018-10-31 06672671 bus:FullAccounts 2017-11-01 2018-10-31 xbrli:pure xbrli:shares iso4217:GBP