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Registered number: 02507741












PRIMARY TALENT INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

PRIMARY TALENT INTERNATIONAL LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 13


 

PRIMARY TALENT INTERNATIONAL LIMITED
 
COMPANY INFORMATION


Directors
M P Bates 
B P Winchester 
R B Levy 




Registered number
02507741



Registered office
10 & 11 Jockey's Fields

London

WC1R 4BN




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:02507741
PRIMARY TALENT INTERNATIONAL LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
65,173
23,708

Investments
 6 
1
1

  
65,174
23,709

Current assets
  

Debtors: amounts falling due after more than one year
 7 
110,000
228,384

Debtors: amounts falling due within one year
 7 
871,573
1,774,619

Cash at bank and in hand
  
1,457,415
2,396,651

  
2,438,988
4,399,654

Creditors: amounts falling due within one year
 8 
(3,267,812)
(4,480,825)

Net current liabilities
  
 
 
(828,824)
 
 
(81,171)

Total assets less current liabilities
  
(763,650)
(57,462)

Creditors: amounts falling due after more than one year
 9 
(358,323)
(611,353)

Net liabilities
  
(1,121,973)
(668,815)


Capital and reserves
  

Called up share capital 
 11 
93
93

Share premium account
  
28,498
28,498

Capital redemption reserve
  
30
30

Capital contribution reserve
  
2,588,383
2,588,383

Profit and loss account
  
(3,738,977)
(3,285,819)

Deficiency on shareholder funds
  
(1,121,973)
(668,815)


Page 2


 
REGISTERED NUMBER:02507741
PRIMARY TALENT INTERNATIONAL LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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: 


M P Bates
Director

Date: 28 February 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Primary Talent International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 & 11 Jockey's Fields, London, WC1R 4BN.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have prepared these financial statements on a going concern basis notwithstanding the fact that the company has a deficiency on shareholders' funds at the end of the year. The directors have prepared forecasts to 31 March 2026 which shows that the company has a reasonable expectation to have access to sufficient cash, from existing funds and operational cashflows, in order to settle liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The forecasts show that the company will maintain compliance with its external debt obligations.
Accordingly, the directors continue to adopt the going concern basis of preparation for these financial statements.

Page 4

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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 profit and loss account within 'interest receivable and similar expenses' or 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.6

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.

 
2.7

Interest income

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

Page 5

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

Page 6

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight line
Fixtures and fittings
-
20%
Straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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. 


2.14

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances and intercompany financing, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 7

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 8

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

  
2.16

Share capital

Ordinary shares are classified as equity.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and estimations that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Deferred tax assets
The company has tax losses carries forward. Assessments as to whether or not to recognise deferred tax assets involved forecasts of future taxable profits. These forecasts involve a series of complex judgements about future events and can rely heavily on estimates and assumptions. Actual outcomes could be different to the estimates and assumptions used in determining the forecasts.


4.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 32).

Page 9

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2023
25,260
4,430
29,690


Additions
61,568
998
62,566



At 31 December 2023

86,828
5,428
92,256



Depreciation


At 1 January 2023
3,103
2,879
5,982


Charge for the year
20,105
996
21,101



At 31 December 2023

23,208
3,875
27,083



Net book value



At 31 December 2023
63,620
1,553
65,173



At 31 December 2022
22,157
1,551
23,708


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1








 

Page 10

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
110,000
228,384


2023
2022
£
£

Due within one year

Trade debtors
384,650
706,847

Amounts owed by group undertakings
8,485
279

Other debtors
376,877
476,049

Prepayments and accrued income
101,561
398,539

Deferred taxation
-
192,905

871,573
1,774,619


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
252,950
252,972

Trade creditors
65,804
385,084

Amounts owed to group undertakings
1,749,754
2,509,436

Other taxation and social security
175,953
130,881

Accruals and deferred income
1,023,351
1,202,452

3,267,812
4,480,825


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Secured loans
The terms of the bank loans are disclosed in note 10.

Page 11

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
358,323
611,353


Secured loans
The terms of the bank loans are disclosed in note 10.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
252,950
252,972


Amounts falling due 2-5 years

Bank loans
358,323
611,353


611,273
864,325


On 17 August 2020 the company entered into an an agreement to borrow £1,300,000 under the COVID Business Interruption Loan Scheme (CBILS). As at 31 December 2023, £611,273 was outstanding (2022: £864,325). Interest is charged at 3.39% over the base rate and the loan is due to be repaid by instalments by 4 September 2026. The bank loan is secured by a fixed and floating charge over the assets of the company.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,750 (2022 - 8,750) Ordinary A shares shares of £0.01 each
88
88
461 (2022 - 461) Ordinary B shares shares of £0.01 each
5
5

93

93


Page 12

 

PRIMARY TALENT INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension expense represents contributions payable by the company to the fund and amounted to £214,830 (2022: £149,352). At the year end, the pension contributions outstanding amounted to £16,940 (2022: £18,104).


13.


Contingent liabilities

The company's assets have been pledged as security to Creative Artists Agency,LLC, for a loan of
£2,500,000 granted to the ultimate parent company.


14.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year there were transactions with a company, The Primary Building Limited, that have directors in common which totalled £195,833 (2022: £125,000). There were no amounts owing by or to The Primary Building Limited at the year-end (2022: £Nil).


15.


Parent undertaking

The company's immediate parent company is Secondary Holdings Limited, a company incorporated in England and Wales.
The ultimate parent company is Tertiary Holdings Limited, a company incorporated in England and Wales. Consolidated financial statements are not prepared.
In the opinion of the directors, the ultimate controlling party is M P Bates.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 February 2025 by Christopher Shepherd (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 13