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IT Talent Solutions Limited

Registered Number
05056404
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

IT Talent Solutions Limited
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Claudia Howes
Kevin Howes

Registered Address

The Maltings
Fobney Street
Reading
RG1 6BY

Registered Number

05056404 (England and Wales)
IT Talent Solutions Limited
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3111,902138,336
111,902138,336
Current assets
Debtors4,5610,685790,784
Cash at bank and on hand9,18812,556
619,873803,340
Creditors amounts falling due within one year6(656,377)(828,029)
Net current assets (liabilities)(36,504)(24,689)
Total assets less current liabilities75,398113,647
Creditors amounts falling due after one year7(72,158)(79,164)
Provisions for liabilities8(21,261)(29,717)
Net assets(18,021)4,766
Capital and reserves
Called up share capital100100
Profit and loss account(18,121)4,666
Shareholders' funds(18,021)4,766
The financial statements were approved and authorised for issue by the Board of Directors on 29 January 2025, and are signed on its behalf by:
Claudia Howes
Director
Registered Company No. 05056404
IT Talent Solutions Limited
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
IT Talent Solutions Limited is a private company limited by shares and registered in England and Wales. The company's registered number, registered office address and principal place of business can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
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 Republic of Ireland (as applied to small entities by section 1A of the standard). There were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Revenue is recognised as the contractual activity progresses.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at historical cost less accumulated depreciation. Depreciation is provided so as to allocate the cost of the assets less their residual value over their estimated useful lives, using the method as follows:

Straight line (years)
Land and buildings10
Vehicles3
Office Equipment10
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss using an effective rate of charge on the net obligation outstanding in each period.
2.Average number of employees

20242023
Average number of employees during the year1517
3.Tangible fixed assets

Land & buildings

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 May 2386,620112,50079,780278,900
At 30 April 2486,620112,50079,780278,900
Depreciation and impairment
At 01 May 2353,0049,37578,185140,564
Charge for year8,66316,1761,59526,434
At 30 April 2461,66725,55179,780166,998
Net book value
At 30 April 2424,95386,949-111,902
At 30 April 2333,616103,1251,595138,336
Included in the net book value of tangible fixed assets is an amount of £86,949 (2023: £103,125) relating to assets held under finance lease agreements.
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables241,857361,916
Other debtors44,64290,615
Prepayments and accrued income34,18648,253
Total320,685500,784
5.Debtors: amounts due after one year

2024

2023

££
Other debtors290,000290,000
Total290,000290,000
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables137,039158,663
Taxation and social security229,366214,302
Finance lease and HP contracts7,0062,539
Other creditors225,696396,271
Accrued liabilities and deferred income57,27056,254
Total656,377828,029
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. Included in other creditors is an amount due to Lloyds TSB Commercial Finance Limited, which is secured against all property and assets present and future.
7.Creditors: amounts due after one year

2024

2023

££
Other creditors72,15879,164
Total72,15879,164
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)21,26129,717
Total21,26129,717
9.Operating lease commitments
At 30 April 2024 the Company had future minimum lease payments due under non cancellable operating leases totalling £46,433 due within one year and £32,895 due after one year.
10.Related party transactions
At the balance sheet date, an amount of £19,332 was owed by the directors to the company (2023: £3,289 was owed to the company). The loan to the directors was repaid in cash within nine months of the financial year end.