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Registration number: 04923120

Etalent Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Etalent Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Etalent Limited

Company Information

Director

Mr Nik Plevan

Registered office

Wills Tenement
Trehan
Saltash
PL12 4QN

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Etalent Limited

(Registration number: 04923120)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

9,108

27,392

Tangible Assets

5

3,224

883

 

12,332

28,275

Current assets

 

Debtors

6

20,421

26,429

Cash at bank and in hand

 

11,057

5,648

 

31,478

32,077

Creditors: Amounts falling due within one year

7

(13,488)

(29,251)

Net current assets

 

17,990

2,826

Total assets less current liabilities

 

30,322

31,101

Provisions for liabilities

(613)

(168)

Net assets

 

29,709

30,933

Capital and reserves

 

Called up share capital

1

1

Retained earnings

29,708

30,932

Shareholders' funds

 

29,709

30,933

 

Etalent Limited

(Registration number: 04923120)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 24 July 2024
 

.........................................
Mr Nik Plevan
Director

 

Etalent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Wills Tenement
Trehan
Saltash
PL12 4QN

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 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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Etalent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 & machinery

25% reducing balance

Fixtures & fittings

20% reducing balance

Computer equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development

20% straight line

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.

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.

 

Etalent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 1 (2022 - 1).

 

Etalent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Development
 £

Total
£

Cost or valuation

At 1 November 2022

115,205

115,205

Additions acquired separately

4,450

4,450

At 31 October 2023

119,655

119,655

Amortisation

At 1 November 2022

87,813

87,813

Amortisation charge

22,734

22,734

At 31 October 2023

110,547

110,547

Carrying amount

At 31 October 2023

9,108

9,108

At 31 October 2022

27,392

27,392

5

Tangible Assets

Fixtures & fittings
 £

Computer equipment
 £

Plant & machinery
 £

Total
£

Cost or valuation

At 1 November 2022

1,066

8,681

7,104

16,851

Additions

-

4,143

-

4,143

At 31 October 2023

1,066

12,824

7,104

20,994

Depreciation

At 1 November 2022

1,038

7,826

7,104

15,968

Charge for the year

6

1,796

-

1,802

At 31 October 2023

1,044

9,622

7,104

17,770

Carrying amount

At 31 October 2023

22

3,202

-

3,224

At 31 October 2022

28

855

-

883

 

Etalent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,945

8,953

Other debtors

17,476

17,476

 

20,421

26,429

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Director's loan

2,307

2,307

Taxation and social security

 

3,868

2,530

Accruals and deferred income

 

900

900

Other creditors

 

6,413

23,514

 

13,488

29,251