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Registered number: 10722020
Talentic Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Stack & Jones Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10722020
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 677 1,931
677 1,931
CURRENT ASSETS
Debtors 5 1,766 20,000
Cash at bank and in hand 13,732 98,742
15,498 118,742
Creditors: Amounts Falling Due Within One Year 6 (11,154 ) (4,493 )
NET CURRENT ASSETS (LIABILITIES) 4,344 114,249
TOTAL ASSETS LESS CURRENT LIABILITIES 5,021 116,180
PROVISIONS FOR LIABILITIES
Deferred Taxation (449 ) (449 )
NET ASSETS 4,572 115,731
CAPITAL AND RESERVES
Called up share capital 7 396 396
Share premium account 721,041 691,041
Profit and Loss Account (716,865 ) (575,706 )
SHAREHOLDERS' FUNDS 4,572 115,731
Page 1
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Saman Aria Nejad
Director
14/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Talentic Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10722020 . The registered office is Concept House, Home Park Road, Kings Langley, Hertfordshire, WD4 8UD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts are prepared on a going concern basis. The company is starting to generate sales income and is expected to become profitable in the future. There are also further investment rounds planned to secure  continued funding of the companys operations.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Research and development
Expenditure on research and development is written off to the profit and loss in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 May 2023 6,428
As at 30 April 2024 6,428
Depreciation
As at 1 May 2023 4,497
Provided during the period 1,254
As at 30 April 2024 5,751
Net Book Value
As at 30 April 2024 677
As at 1 May 2023 1,931
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 20,000
VAT 1,765 -
Directors' loan accounts 1 -
1,766 20,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 6,123 -
VAT - 2,601
Net wages 3,148 -
Other creditors 383 492
Accruals and deferred income 1,500 1,400
11,154 4,493
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7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,776,472 Ordinary A shares of £ 0.0001 each 278 278
153,900 Ordinary B shares of £ 0.0001 each 15 15
293 15
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
1,033,344 Preference Shares of £ 0.0001 each 103 103
8. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for invetments in non-convertible preference and non puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss. Other financial instruments are measured at the present value of the future payments, discounted at a market rate of interest for a similar debt instrument and adjusted for transaction costs.
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