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Registered number: 08843248










TALENT NEXUS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
TALENT NEXUS LTD
 

CONTENTS



Page
Company Information
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 10


 
TALENT NEXUS LTD
 
 
COMPANY INFORMATION


Directors
J A Blake 
M Blake 
C S Prince 
T D Prince 




Registered number
08843248



Registered office
Suite 11 The Sanctuary
23 Oak Hill Grove

Surbiton

KT6 6DU




Accountants
MHA
Chartered Accountants

2 London Wall Place

London

EC2Y 5AU




Page 1

 
TALENT NEXUS LTD
REGISTERED NUMBER: 08843248

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,574
41,967

  
37,574
41,967

Current assets
  

Debtors: amounts falling due within one year
 5 
3,224,435
1,721,416

Cash at bank and in hand
  
1,597,901
1,225,657

  
4,822,336
2,947,073

Creditors: amounts falling due within one year
 6 
(4,255,815)
(2,019,130)

Net current assets
  
 
 
566,521
 
 
927,943

Total assets less current liabilities
  
604,095
969,910

Provisions for liabilities
  

Deferred tax
  
(9,393)
(10,492)

  
 
 
(9,393)
 
 
(10,492)

Net assets
  
594,702
959,418


Capital and reserves
  

Called up share capital 
 7 
196
196

Share premium account
  
3,738
3,738

Profit and loss account
  
590,768
955,484

  
594,702
959,418


Page 2

 
TALENT NEXUS LTD
REGISTERED NUMBER: 08843248
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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 year 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 comprehensive income 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: 




T D Prince
Director

Date: 29 October 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Talent Nexus Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number is 08843248  and registered office address is Suite 11 The Sanctuary, 23 Oak Hill Grove, Surbiton, England, KT6 6DU.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information including future cash flow forecasts in making their assessment. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The financial statements are rounded to the nearest £1.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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 5

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year 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

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on reducing balance
Computer equipment
-
25%
on 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.

Page 6

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

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

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.

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 NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

 
2.14

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 year was 29 (2023 - 22).

Page 8

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
20,600
92,786
113,386


Additions
-
17,664
17,664


Disposals
(20,600)
-
(20,600)



At 31 January 2024

-
110,450
110,450



Depreciation


At 1 February 2023
8,369
63,050
71,419


Charge for the year
3,058
9,826
12,884


Disposals
(11,427)
-
(11,427)



At 31 January 2024

-
72,876
72,876



Net book value



At 31 January 2024
-
37,574
37,574



At 31 January 2023
12,231
29,736
41,967

Page 9

 
TALENT NEXUS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
2,184,025
1,281,792

Other debtors
74,276
5,850

Prepayments and accrued income
966,134
433,774

3,224,435
1,721,416



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,883,838
1,509,541

Corporation tax
-
138,530

Other taxation and social security
104,391
80,483

Other creditors
245,343
17,934

Accruals and deferred income
22,243
272,642

4,255,815
2,019,130



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



801 (2023 - 801) Ordinary A shares of £0.10 each
80.10
80.10
767 (2023 - 767) Ordinary B shares of £0.10 each
76.70
76.70
150 (2023 - 150) Ordinary C shares of £0.10 each
15.00
15.00
144 (2023 - 144) Ordinary D shares of £0.10 each
14.40
14.40
1 (2023 - 1) Ordinary E share of £0.10
0.10
0.10
49 (2023 - 49) Ordinary F shares of £0.10 each
4.90
4.90
49 (2023 - 49) Ordinary G shares of £0.10 each
4.90
4.90
1 (2023 - 1) Ordinary H share of £0.10
0.10
0.10

196.20

196.20


Page 10