Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruerecruitment concultancyfalse2017-04-01 10127948 2017-04-01 2018-03-31 10127948 2016-04-15 2017-03-31 10127948 2018-03-31 10127948 2017-03-31 10127948 c:Director1 2017-04-01 2018-03-31 10127948 c:Director2 2017-04-01 2018-03-31 10127948 d:FurnitureFittings 2017-04-01 2018-03-31 10127948 d:FurnitureFittings 2018-03-31 10127948 d:FurnitureFittings 2017-03-31 10127948 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 10127948 d:OfficeEquipment 2017-04-01 2018-03-31 10127948 d:OfficeEquipment 2018-03-31 10127948 d:OfficeEquipment 2017-03-31 10127948 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 10127948 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 10127948 d:CurrentFinancialInstruments 2018-03-31 10127948 d:CurrentFinancialInstruments 2017-03-31 10127948 d:Non-currentFinancialInstruments 2018-03-31 10127948 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10127948 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 10127948 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 10127948 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2018-03-31 10127948 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2018-03-31 10127948 d:ShareCapital 2018-03-31 10127948 d:ShareCapital 2017-03-31 10127948 d:RetainedEarningsAccumulatedLosses 2018-03-31 10127948 d:RetainedEarningsAccumulatedLosses 2017-03-31 10127948 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 10127948 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 10127948 c:FRS102 2017-04-01 2018-03-31 10127948 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 10127948 c:AbridgedAccounts 2017-04-01 2018-03-31 10127948 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 10127948









INITIAL TALENT LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018


 
INITIAL TALENT LIMITED
REGISTERED NUMBER:10127948

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
2,079
2,771

  
2,079
2,771

CURRENT ASSETS
  

Debtors
 5 
8,995
7,111

Cash at bank and in hand
 6 
101,898
128,530

  
110,893
135,641

Creditors: amounts falling due within one year
 7 
(62,137)
(60,011)

NET CURRENT ASSETS
  
 
 
48,756
 
 
75,630

TOTAL ASSETS LESS CURRENT LIABILITIES
  
50,835
78,401

Creditors: amounts falling due after more than one year
 8 
(23,501)
-

NET ASSETS
  
27,334
78,401


CAPITAL AND RESERVES
  

Called up share capital 
  
2
2

Profit and loss account
  
27,332
78,399

Shareholders' funds
  
27,334
78,401


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2018.


Page 1


 
INITIAL TALENT LIMITED
REGISTERED NUMBER:10127948
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018


P Webster
S Webster
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


GENERAL INFORMATION

The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company’s principal activity continues to be that of recruitment consultancy.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.4

FINANCE COSTS

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

BORROWING COSTS

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.6

TAXATION

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2017 - 1).

Page 5


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2017
935
2,760
3,695



At 31 March 2018

935
2,760
3,695



Depreciation


At 1 April 2017
234
690
924


Charge for the year on owned assets
175
517
692



At 31 March 2018

409
1,207
1,616



Net book value



At 31 March 2018
526
1,553
2,079



At 31 March 2017
701
2,070
2,771


5.


DEBTORS

2018
2017
£
£


Trade debtors
2,204
4,104

Other debtors
6,075
3,007

Prepayments and accrued income
716
-

8,995
7,111



6.


CASH AND CASH EQUIVALENTS

2018
2017
£
£

Cash at bank and in hand
101,898
128,530

101,898
128,530


Page 6


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


CREDITORS: Amounts falling due within one year

2018
2017
£
£

Bank loans
14,065
-

Trade creditors
2,709
7

Corporation tax
28,268
42,265

Other taxation and social security
13,122
13,720

Other creditors
1,984
2,269

Accruals and deferred income
1,989
1,750

62,137
60,011



8.


CREDITORS: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
23,501
-

23,501
-


Page 7


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

9.


LOANS


Analysis of the maturity of loans is given below:


2018
2017
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
14,065
-


14,065
-

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
13,185
-


13,185
-

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
10,315
-


10,315
-


37,565
-



10.


FINANCIAL INSTRUMENTS

2018
2017
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
101,898
128,530




Financial assets measured at fair value through profit or loss comprise solely of cash.



11.


TRANSACTIONS WITH DIRECTORS

Included in other debtors due within one year is a loan to the director, Mr P Webster amounting to £4,953 (2017 - £1,153).

Page 8


 
INITIAL TALENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

12.


CONTROLLING PARTY

The company was controlled throughout the current and previous period by its directors, Mr P Webster and Mrs S Webster, by virtue of the fact that between them they own all of the company’s ordinary issued share capital.

 
Page 9