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Registration number: 08384788

Global Talent Matrix Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2023

 

Global Talent Matrix Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Global Talent Matrix Limited

(Registration number: 08384788)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,314

53,186

Investments

5

1

1

 

42,315

53,187

Current assets

 

Debtors

6

265,677

227,767

Cash at bank and in hand

 

132,289

47,643

 

397,966

275,410

Creditors: Amounts falling due within one year

7

(317,469)

(240,960)

Net current assets

 

80,497

34,450

Total assets less current liabilities

 

122,812

87,637

Creditors: Amounts falling due after more than one year

7

(127,505)

(167,381)

Net liabilities

 

(4,693)

(79,744)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(4,695)

(79,746)

Shareholders' deficit

 

(4,693)

(79,744)

For the financial year ending 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

 

Global Talent Matrix Limited

(Registration number: 08384788)
Balance Sheet as at 30 March 2023

.........................................
D Williams
Director

 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hallidays Mill London Road
Chalford
Stroud
Gloucestershire
GL6 8NR
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 31 March 2022

60,468

60,468

Additions

2,609

2,609

At 30 March 2023

63,077

63,077

Depreciation

At 31 March 2022

7,282

7,282

Charge for the year

13,481

13,481

At 30 March 2023

20,763

20,763

Carrying amount

At 30 March 2023

42,314

42,314

At 30 March 2022

53,186

53,186

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 31 March 2022

1

Provision

Carrying amount

At 30 March 2023

1

At 30 March 2022

1

 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

6

debtors

Current

2023
£

2022
£

Trade debtors

75,322

85,455

Prepayments

529

250

Other debtors

189,826

142,062

 

265,677

227,767

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

-

9,706

Trade creditors

 

181,901

106,294

Taxation and social security

 

16,993

428

Accruals and deferred income

 

109,176

100,689

Directors loan account

 

102

17,873

Other creditors

 

9,297

5,970

 

317,469

240,960

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

94,705

90,642

Other non-current financial liabilities

 

32,800

76,739

 

127,505

167,381

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Global Talent Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,162

32,388

Other borrowings

62,543

58,254

94,705

90,642

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

9,706

10

Related party transactions

Summary of transactions with other related parties


As at 30 March 2023 the amount lent to Rockstone Ethiopia Real Estate PLC "Rockstone" was £135,313 (2022: £135,313). There are no fixed repayment terms and no interest is due.

During the year ended 30 March 2023 the company invoiced Rockstone for Social Media Marketing to the value of £65,794 (2022: £24,432) on normal commercial terms.