Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-03-01No description of principal activity3649falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06828254 2023-03-01 2023-12-31 06828254 2022-03-01 2023-02-28 06828254 2023-12-31 06828254 2023-02-28 06828254 c:Director1 2023-03-01 2023-12-31 06828254 d:Buildings d:LongLeaseholdAssets 2023-03-01 2023-12-31 06828254 d:Buildings d:LongLeaseholdAssets 2023-12-31 06828254 d:Buildings d:LongLeaseholdAssets 2023-02-28 06828254 d:MotorVehicles 2023-03-01 2023-12-31 06828254 d:MotorVehicles 2023-12-31 06828254 d:MotorVehicles 2023-02-28 06828254 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 06828254 d:FurnitureFittings 2023-03-01 2023-12-31 06828254 d:FurnitureFittings 2023-12-31 06828254 d:FurnitureFittings 2023-02-28 06828254 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 06828254 d:OfficeEquipment 2023-03-01 2023-12-31 06828254 d:OfficeEquipment 2023-12-31 06828254 d:OfficeEquipment 2023-02-28 06828254 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 06828254 d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 06828254 d:Goodwill 2023-03-01 2023-12-31 06828254 d:Goodwill 2023-12-31 06828254 d:Goodwill 2023-02-28 06828254 d:CurrentFinancialInstruments 2023-12-31 06828254 d:CurrentFinancialInstruments 2023-02-28 06828254 d:Non-currentFinancialInstruments 2023-12-31 06828254 d:Non-currentFinancialInstruments 2023-02-28 06828254 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06828254 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06828254 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06828254 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 06828254 d:ShareCapital 2023-12-31 06828254 d:ShareCapital 2023-02-28 06828254 d:MergerReserve 2023-12-31 06828254 d:MergerReserve 2023-02-28 06828254 d:RetainedEarningsAccumulatedLosses 2023-12-31 06828254 d:RetainedEarningsAccumulatedLosses 2023-02-28 06828254 c:OrdinaryShareClass1 2023-03-01 2023-12-31 06828254 c:OrdinaryShareClass1 2023-12-31 06828254 c:OrdinaryShareClass1 2023-02-28 06828254 c:OrdinaryShareClass2 2023-03-01 2023-12-31 06828254 c:OrdinaryShareClass2 2023-12-31 06828254 c:OrdinaryShareClass2 2023-02-28 06828254 c:FRS102 2023-03-01 2023-12-31 06828254 c:AuditExempt-NoAccountantsReport 2023-03-01 2023-12-31 06828254 c:FullAccounts 2023-03-01 2023-12-31 06828254 c:PrivateLimitedCompanyLtd 2023-03-01 2023-12-31 06828254 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06828254 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 06828254 d:OtherDeferredTax 2023-12-31 06828254 d:OtherDeferredTax 2023-02-28 06828254 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2023-12-31 06828254 e:PoundSterling 2023-03-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06828254


TALENT WORKS INTERNATIONAL LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
TALENT WORKS INTERNATIONAL LTD
REGISTERED NUMBER:06828254

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
28 February
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
163,867
202,436

Tangible assets
 5 
441,061
529,124

  
604,928
731,560

Current assets
  

Debtors: amounts falling due within one year
 6 
547,338
843,467

Cash at bank and in hand
 7 
80,744
407,995

  
628,082
1,251,462

Creditors: amounts falling due within one year
 8 
(528,863)
(1,114,227)

Net current assets
  
 
 
99,219
 
 
137,235

Total assets less current liabilities
  
704,147
868,795

Creditors: amounts falling due after more than one year
 9 
(196,681)
(276,119)

  

Net assets
  
507,466
592,676


Capital and reserves
  

Called up share capital 
 11 
1,022
1,000

Merger reserve
  
399,100
399,100

Profit and loss account
  
107,344
192,576

  
507,466
592,676


Page 1

 
TALENT WORKS INTERNATIONAL LTD
REGISTERED NUMBER:06828254
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 period in question in accordance with section 476 of the 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 by: 




................................................
N F Purcell
Director

Date: 31 July 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Talent Works International Ltd is a company limited by shares, domiciled in England and Wales, registered number 06828254.
The registered office is 2 Grange Court, Harnett Drive, Wolverton Mill, Milton Keynes, Buckinghamshire, MK12 5NE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.


Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 5

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% Straight Line
Motor vehicles
-
20% Reducing balance
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 profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 6

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 7

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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 period was 36 (2023 - 49).


4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
462,834



At 31 December 2023

462,834



Amortisation


At 1 March 2023
260,398


Charge for the period on owned assets
38,569



At 31 December 2023

298,967



Net book value



At 31 December 2023
163,867



At 28 February 2023
202,436



Page 9

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
387,531
143,859
387,752
260,765
1,179,907


Additions
-
118,460
-
-
118,460


Disposals
-
(143,859)
-
-
(143,859)



At 31 December 2023

387,531
118,460
387,752
260,765
1,154,508



Depreciation


At 1 March 2023
168,165
10,781
240,545
231,292
650,783


Charge for the period on owned assets
32,295
12,306
30,668
6,140
81,409


Disposals
-
(18,745)
-
-
(18,745)



At 31 December 2023

200,460
4,342
271,213
237,432
713,447



Net book value



At 31 December 2023
187,071
114,118
116,539
23,333
441,061



At 28 February 2023
219,366
133,078
147,207
29,473
529,124


6.


Debtors

31 December
28 February
2023
2023
£
£


Trade debtors
328,863
656,465

Amounts owed by group undertakings
20,453
-

Other debtors
4,682
34,941

Prepayments and accrued income
157,436
128,408

Deferred taxation
35,904
23,653

547,338
843,467


Page 10

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

31 December
28 February
2023
2023
£
£

Cash at bank and in hand
80,744
407,995



8.


Creditors: Amounts falling due within one year

31 December
28 February
2023
2023
£
£

Bank loans
69,996
69,996

Trade creditors
88,808
67,175

Corporation tax
68,163
67,411

Other taxation and social security
38,390
125,771

Obligations under finance lease and hire purchase contracts
15,534
49,464

Other creditors
42,177
161,885

Accruals and deferred income
205,795
572,525

528,863
1,114,227


Secured loans
Bank loans of are secured against the assets of the company.
Net obligations under hire purchase contracts are secured against the assets they relate.

Page 11

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

31 December
28 February
2023
2023
£
£

Bank loans
99,171
157,504

Net obligations under finance leases and hire purchase contracts
97,510
118,615

196,681
276,119


Secured loans
Bank loans are secured against the assets of the company. 
The bank loans fall due for repayment within 5 years.
Net obligations under hire purchase contracts are secured against the assets they relate.


10.


Deferred taxation






2023


£






At beginning of year
23,653


Charged to profit or loss
12,251



At end of year
35,904

The deferred tax asset is made up as follows:

31 December
28 February
2023
2023
£
£


Accelerated capital allowances
34,741
22,063

Short term timing differences
1,163
1,590

35,904
23,653

Page 12

 
TALENT WORKS INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Share capital

31 December
28 February
2023
2023
£
£
Allotted, called up and fully paid



97,204 (2023 - 95,000) Ordinary A shares of £0.01 each
972
950
5,000 (2023 - 5,000) Ordinary B shares of £0.01 each
50
50

1,022

1,000


On 8 December 2023 the Company allotted an additional 2,204 Ordinary A shares. Ordinary A shares have full rights in the Company with respect to voting, dividends and distributions. Ordinary B shares have full rights in the Company with respect to voting, dividends and distributions.


12.


Pension commitments

As at the Balance Sheet date there were outstanding employer's pension contributions of £4,650 (28 February 2023 - £6,363).


13.


Transactions with directors

At the previous year end a director owed the company £34,941. During the year there were advances of £131,948 and credits of £164,639. As at 31 December 2023 the director owed £2,250 to the company.

 
Page 13