26 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12052810 2023-03-01 2024-02-29 12052810 2024-02-29 12052810 2023-02-28 12052810 2022-03-01 2023-02-28 12052810 2023-02-28 12052810 2022-02-28 12052810 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 12052810 core:LandBuildings core:ShortLeaseholdAssets 2023-03-01 2024-02-29 12052810 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12052810 bus:Director5 2023-03-01 2024-02-29 12052810 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 12052810 core:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 12052810 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 12052810 core:LandBuildings core:ShortLeaseholdAssets 2024-02-29 12052810 core:WithinOneYear 2024-02-29 12052810 core:WithinOneYear 2023-02-28 12052810 core:ShareCapital 2024-02-29 12052810 core:ShareCapital 2023-02-28 12052810 core:SharePremium 2024-02-29 12052810 core:SharePremium 2023-02-28 12052810 core:CapitalRedemptionReserve 2024-02-29 12052810 core:RetainedEarningsAccumulatedLosses 2024-02-29 12052810 core:RetainedEarningsAccumulatedLosses 2023-02-28 12052810 core:BetweenOneFiveYears 2024-02-29 12052810 core:BetweenOneFiveYears 2023-02-28 12052810 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 12052810 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 12052810 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 12052810 bus:SmallEntities 2023-03-01 2024-02-29 12052810 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12052810 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12052810 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12052810 bus:FullAccounts 2023-03-01 2024-02-29 12052810 bus:OrdinaryShareClass1 2024-02-29 12052810 bus:OrdinaryShareClass1 2023-02-28 12052810 core:OfficeEquipment 2023-03-01 2024-02-29 12052810 core:OfficeEquipment 2023-02-28 12052810 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 12052810
PREOS TALENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
PREOS TALENT LIMITED
BALANCE SHEET
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
57,855
81,905
Tangible assets
6
46,128
62,953
--------
--------
103,983
144,858
Current assets
Debtors
7
505,092
1,243,524
Cash at bank and in hand
85,748
586,056
--------
-----------
590,840
1,829,580
Creditors: amounts falling due within one year
8
1,468,032
1,631,678
-----------
-----------
Net current (liabilities)/assets
( 877,192)
197,902
--------
--------
Total assets less current liabilities
( 773,209)
342,760
Provisions
10,164
--------
--------
Net (liabilities)/assets
( 773,209)
332,596
--------
--------
Capital and reserves
Called up share capital
9
255
300
Share premium account
99,955
99,955
Capital redemption reserve
45
Profit and loss account
( 873,464)
232,341
--------
--------
Shareholders (deficit)/funds
( 773,209)
332,596
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PREOS TALENT LIMITED
BALANCE SHEET (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
G Russell
Director
Company registration number: 12052810
PREOS TALENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16b New Qubec Street, London, W1H 7RX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover represents the total invoice value, excluding value added tax, of services rendered during the year, and adjusted for work in progress. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets comprise of debtors and cash. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities comprise of creditors. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 27 ).
5. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
72,150
9,755
81,905
-------
------
-------
Amortisation
Charge for the year
24,050
24,050
-------
------
-------
At 29 February 2024
24,050
24,050
-------
------
-------
Carrying amount
At 29 February 2024
48,100
9,755
57,855
-------
------
-------
At 28 February 2023
72,150
9,755
81,905
-------
------
-------
6. Tangible assets
Short leasehold property
Equipment
Total
£
£
£
Cost
At 1 March 2023
28,692
56,448
85,140
Additions
225
225
-------
-------
-------
At 29 February 2024
28,692
56,673
85,365
-------
-------
-------
Depreciation
At 1 March 2023
10,019
12,168
22,187
Charge for the year
5,738
11,312
17,050
-------
-------
-------
At 29 February 2024
15,757
23,480
39,237
-------
-------
-------
Carrying amount
At 29 February 2024
12,935
33,193
46,128
-------
-------
-------
At 28 February 2023
18,673
44,280
62,953
-------
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
421,708
1,077,446
Other debtors
83,384
166,078
--------
-----------
505,092
1,243,524
--------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
808,121
1,190,916
Social security and other taxes
149,517
100,186
Other creditors
510,394
340,576
-----------
-----------
1,468,032
1,631,678
-----------
-----------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
30,000
300
30,000
300
-------
----
-------
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,447
33,341
Later than 1 year and not later than 5 years
22,667
45,114
-------
-------
45,114
78,455
-------
-------