Company Registration No. 03580805 (England and Wales)
TALKCO LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
TALKCO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TALKCO LIMITED
Company Registration No. 03580805
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
676
558
Investment properties
4
1,645,000
1,654,416
1,645,676
1,654,974
Current assets
Debtors
5
270
7,828
Cash at bank and in hand
67,891
81,128
68,161
88,956
Creditors: amounts falling due within one year
6
(520,680)
(520,229)
Net current liabilities
(452,519)
(431,273)
Total assets less current liabilities
1,193,157
1,223,701
Provisions for liabilities
(13,205)
(15,559)
Net assets
1,179,952
1,208,142
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
1,179,950
1,208,140
Total equity
1,179,952
1,208,142

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 year 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.

TALKCO LIMITED
Company Registration No. 03580805
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 August 2024
K C MacKenzie
Director
TALKCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Talkco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Christophers, 4 Lockestone Close, Brooklands Farm, Weybridge, Surrey, KT13 8EF.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company has made a loss of £18,230 and has net current liabilities of £452,519. Included in creditors are amounts due to the director of £502,630. The director has confirmed that they will continue to support the company for the foreseeable future and is confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore the accounts have been prepared on the going concern basis.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of consultancy services supplied during the year, exclusive of Value Added Tax and trade discounts, together with rental income from the company’s investment properties.

 

Consultancy income is recognised in the year in which the service was supplied. Property rental revenue is recognised in the year to which it relates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

TALKCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
TALKCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
11,870
Additions
345
At 31 March 2024
12,215
Depreciation and impairment
At 1 April 2023
11,312
Depreciation charged in the year
227
At 31 March 2024
11,539
Carrying amount
At 31 March 2024
676
At 31 March 2023
558
4
Investment property
2024
£
Fair value
At 1 April 2023
1,654,416
Revaluations
(9,416)
At 31 March 2024
1,645,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
270
270
Other debtors
-
0
7,558
270
7,828
TALKCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
534
534
Taxation and social security
14,519
19,979
Other creditors
505,627
499,716
520,680
520,229
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions

At the balance sheet date the company owed the director, K C MacKenzie, £502,630 (2023 - £497,698). The loan is unsecured, interest free and repayable on demand.

 

During the year a connected company, KNews Media Limited, had loans of £69,410 written off. At the balance sheet date Knews Media Limited owed the company £Nil (2023 - £39,410).

 

 

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