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REGISTERED NUMBER: 05347407















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Talent & Potential Limited

Talent & Potential Limited (Registered number: 05347407)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Talent & Potential Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Ms. A L Hamill
Ms SL Hobbs





SECRETARY: J M Robertson





REGISTERED OFFICE: 122 Winchcombe Street
Cheltenham
GL52 2NW





REGISTERED NUMBER: 05347407





ACCOUNTANTS: Crossley and Co.
122 Winchcombe Street
Cheltenham
Gloucestershire
GL52 2NW

Talent & Potential Limited (Registered number: 05347407)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,051 12,742

CURRENT ASSETS
Stocks 5 25,004 25,606
Debtors 6 31,607 59,417
Cash at bank and in hand 139,549 87,020
196,160 172,043
CREDITORS
Amounts falling due within one year 7 74,454 88,748
NET CURRENT ASSETS 121,706 83,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,757

96,037

CREDITORS
Amounts falling due after more than one year 8 (13,379 ) (23,379 )

PROVISIONS FOR LIABILITIES (2,763 ) (2,421 )
NET ASSETS 116,615 70,237

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 115,615 69,237
SHAREHOLDERS' FUNDS 116,615 70,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Talent & Potential Limited (Registered number: 05347407)

Statement of Financial Position - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:




Ms. A L Hamill - Director



Ms SL Hobbs - Director


Talent & Potential Limited (Registered number: 05347407)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Talent & Potential Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Talent & Potential Limited (Registered number: 05347407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2023 36,704
Additions 1,733
At 31 January 2024 38,437
DEPRECIATION
At 1 February 2023 23,962
Charge for year 3,424
At 31 January 2024 27,386
NET BOOK VALUE
At 31 January 2024 11,051
At 31 January 2023 12,742

5. STOCKS
31.1.24 31.1.23
£    £   
Stocks 25,004 25,606

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 30,348 58,109
Prepayments 1,259 1,308
31,607 59,417

Talent & Potential Limited (Registered number: 05347407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 5,351 10,531
Tax 31,187 11,639
Social security and other taxes 1,957 3,067
VAT 6,565 12,465
Other creditors - 4,451
Directors' current accounts 17,644 19,770
Accruals and deferred income - 5,950
Accrued expenses 1,750 10,875
74,454 88,748

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 3,379 13,379
13,379 23,379

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
60 Ordinary A 1 60 60
940 Ordinary B 1 940 940
1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1 February 2023 69,237
Profit for the year 102,178
Dividends (55,800 )
At 31 January 2024 115,615