36
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
66,815
21,329
88,144
88,144
66,815
26,374
8,900
35,274
8,086
19,233
27,319
7,955
18,288
21,366
21,366
21,366
xbrli:pure
xbrli:shares
iso4217:GBP
12270446
2023-04-01
2023-12-31
12270446
2023-12-31
12270446
2023-03-31
12270446
2022-04-01
2023-03-31
12270446
2023-03-31
12270446
2022-03-31
12270446
core:FurnitureFittings
2023-04-01
2023-12-31
12270446
bus:Director1
2023-04-01
2023-12-31
12270446
core:FurnitureFittings
2023-03-31
12270446
core:FurnitureFittings
2023-12-31
12270446
core:WithinOneYear
2023-12-31
12270446
core:WithinOneYear
2023-03-31
12270446
core:AfterOneYear
2023-12-31
12270446
core:AfterOneYear
2023-03-31
12270446
core:ShareCapital
2023-12-31
12270446
core:ShareCapital
2023-03-31
12270446
core:RetainedEarningsAccumulatedLosses
2023-12-31
12270446
core:RetainedEarningsAccumulatedLosses
2023-03-31
12270446
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
12270446
core:Non-currentFinancialInstruments
2023-12-31
12270446
core:Non-currentFinancialInstruments
2023-03-31
12270446
core:FurnitureFittings
2023-03-31
12270446
bus:SmallEntities
2023-04-01
2023-12-31
12270446
bus:AuditExempt-NoAccountantsReport
2023-04-01
2023-12-31
12270446
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2023-12-31
12270446
bus:PrivateLimitedCompanyLtd
2023-04-01
2023-12-31
12270446
bus:FullAccounts
2023-04-01
2023-12-31
12270446
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
12270446
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-04-01
2023-12-31
12270446
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
COMPANY REGISTRATION NUMBER:
12270446
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 December 2023
|
31 Dec 23 |
31 Mar 23 |
Note |
£ |
£ |
|
|
|
Fixed assets
Intangible assets |
5 |
88,144 |
66,815 |
Tangible assets |
6 |
7,955 |
18,288 |
Investments |
7 |
21,366 |
21,366 |
|
--------- |
--------- |
|
117,465 |
106,469 |
|
|
|
|
Current assets
Debtors |
8 |
1,906,873 |
1,092,636 |
Cash at bank and in hand |
164,586 |
308,667 |
|
------------ |
------------ |
|
2,071,459 |
1,401,303 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
1,810,785) |
(
1,236,956) |
|
------------ |
------------ |
Net current assets |
260,674 |
164,347 |
|
--------- |
--------- |
Total assets less current liabilities |
378,139 |
270,816 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
(
14,951) |
(
19,830) |
|
--------- |
--------- |
Net assets |
363,188 |
250,986 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
211 |
200 |
Profit and loss account |
362,977 |
250,786 |
|
--------- |
--------- |
Shareholders funds |
363,188 |
250,986 |
|
--------- |
--------- |
|
|
|
These accounts 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 statement of comprehensive income has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Statement of Financial Position (continued) |
|
31 December 2023
These accounts were approved by the
board of directors
and authorised for issue on
25 November 2024
, and are signed on behalf of the board by:
Company registration number:
12270446
Period from 1 April 2023 to 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Apartment 107, 5 Belvedere Road, London, SE1 7AF, United Kingdom.
2.
Statement of compliance
These accounts 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
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director considers the company to be a going concern based on its strong net asset position and profitability.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
1. Turnover: Turnover is defined as the total amounts invoiced to clients for services rendered, excluding any applicable sales taxes. 2. Revenue Recognition by Type: Management Fees: Revenue from management fees is recognised on a straight-line basis over the duration of the contract, reflecting the time period in which the services are performed. Placement Fees: Placement fee revenue is recognised at the point when the candidate commences employment or when the placement is successfully completed, assuming the fee is contractually due at that time. 3. Performance-Related Income: Performance-related income is recognised once it can be reliably measured and the relevant performance conditions have been satisfied. 4. Accrued and Deferred Income: - Accrued Income: Revenue earned but not yet invoiced is recorded as accrued income in the financial statements. - Deferred Income: Revenue invoiced in advance but not yet earned is recorded as deferred income in the financial statements.
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
Development expenditure Development of products is capitalised where there is expected to be a benefit to future periods and the allowing conditions are met: (i) It is technically feasible to complete the research or development so that the product will be available for use or sale. (ii) It is intended to use or sell the product being developed. (iii) The company is able to use or sell the product. (iv) It can be demonstrated that the product will generate probable future economic benefits. (v) Adequate technical, financial and other resource exist so that product development can be completed and subsequently used or sold. (vi) Expenditure attributable to the research and development work can be reliably measured. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments for useful economic life range from 5 to 10 years. Amortisation expenses for the year and last year are included in administrative expenses. All other research and development expenditure is recognised as an expense in the period in which it is incurred.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
|
Office and computer equipment |
- |
50% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
36
(2023:
35
).
5.
Intangible assets
|
Software development |
|
£ |
Cost |
|
At 1 April 2023 |
66,815 |
Additions |
– |
Additions from internal developments |
21,329 |
|
-------- |
At 31 December 2023 |
88,144 |
|
-------- |
Amortisation |
|
At 1 April 2023 and 31 December 2023 |
– |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
88,144 |
|
-------- |
At 31 March 2023 |
66,815 |
|
-------- |
|
|
6.
Tangible assets
|
Office and computer equipment |
|
£ |
Cost |
|
At 1 April 2023 |
26,374 |
Additions |
8,900 |
|
-------- |
At 31 December 2023 |
35,274 |
|
-------- |
Depreciation |
|
At 1 April 2023 |
8,086 |
Charge for the period |
19,233 |
|
-------- |
At 31 December 2023 |
27,319 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
7,955 |
|
-------- |
At 31 March 2023 |
18,288 |
|
-------- |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 December 2023 |
21,366 |
|
-------- |
Impairment |
|
At 1 April 2023 and 31 December 2023 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 December 2023 |
21,366 |
|
-------- |
At 31 March 2023 |
21,366 |
|
-------- |
|
|
The fixed asset investment represents 100% holdings of the Ordinary share capital in the following entities:
-
Chapter2 Talent Germany GmbH - incorporated in Germany
-
Chapter 2 SA (PTY) Ltd - incorporated in South Africa
-
Chapter 2 Talent US Inc - incorporated in United States of America
8.
Debtors
|
31 Dec 23 |
31 Mar 23 |
|
£ |
£ |
Trade debtors |
1,623,443 |
1,010,360 |
Amounts owed by group undertakings |
6,511 |
43,682 |
Other debtors |
276,919 |
38,594 |
|
------------ |
------------ |
|
1,906,873 |
1,092,636 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
31 Mar 23 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,648 |
Trade creditors |
1,044,499 |
526,790 |
Corporation tax |
103,287 |
59,018 |
Social security and other taxes |
197,723 |
254,796 |
Other creditors |
455,276 |
385,704 |
|
------------ |
------------ |
|
1,810,785 |
1,236,956 |
|
------------ |
------------ |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
31 Dec 23 |
31 Mar 23 |
|
£ |
£ |
Bank loans and overdrafts |
14,951 |
19,830 |
|
-------- |
-------- |
|
|
|
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Dec 23 |
31 Mar 23 |
|
£ |
£ |
Not later than 1 year |
21,250 |
21,250 |
|
-------- |
-------- |
|
|
|
12.
Director's advances, credits and guarantees
During the financial year ended 31 December 2023, the director had access to the loan account which was in credit by £299,181 (YE 31.03.2023: £300,000),representing an amount owed by the company to the director. The balance is shown under Other creditors in the Statement of Financial Position at the reporting date.
13.
Controlling party
The company is considered to be under the control of director L Harrison by virtue of his shareholding therein.