Company Registration No. 12013248 (England and Wales)
TALKOUT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
TALKOUT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
TALKOUT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TALKOUT LIMITED FOR THE PERIOD ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Talkout Limited for the period ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Talkout Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Talkout Limited and state those matters that we have agreed to state to the Board of Directors of Talkout Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Talkout Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Talkout Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Talkout Limited. You consider that Talkout Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Talkout Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
2 April 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TALKOUT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
26,382
Current assets
Cash at bank and in hand
333
Creditors: amounts falling due within one year
5
(1,213,291)
(1,240,006)
Net current liabilities
(1,213,291)
(1,239,673)
Total assets less current liabilities
(1,213,291)
(1,213,291)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,213,391)
(1,213,391)
Total equity
(1,213,291)
(1,213,291)
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 period ended 31 October 2023 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 member has not required the company to obtain an audit of its financial statements for the period 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 2 April 2024 and are signed on its behalf by:
Mr M J S Cockburn
Director
Company Registration No. 12013248
TALKOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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1
Accounting policies
Company information
Talkout Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, School Yard, 106 High Street, Harborne, Birmingham, West Midlands, B17 9NJ.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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.
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; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Computer software
five years
Patents & licences
four years
1.4
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.5
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
TALKOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 4 -
2
Exceptional item
2023
2022
£
£
Irrecoverable loans written off
155,623
During the previous year, a loan balance with a related company, Talkout Tech Limited, has been written off at the agreement of the directors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2022 - 2).
4
Intangible fixed assets
Computer software
Patents & licences
Total
£
£
£
Cost
At 1 January 2023
26,248
6,522
32,770
Disposals
(26,248)
(6,522)
(32,770)
At 31 October 2023
Amortisation and impairment
At 1 January 2023
6,387
6,387
Disposals
(6,387)
(6,387)
At 31 October 2023
Carrying amount
At 31 October 2023
At 31 December 2022
19,860
6,522
26,382
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
240
Amounts owed to group undertakings
2,490
2,490
Taxation and social security
863
Other creditors
1,210,801
1,236,413
1,213,291
1,240,006
TALKOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 5 -
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Ultimate controlling party
The ultimate controlling party is Mr M J S Cockburn.