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COMPANY REGISTRATION NUMBER: 05350236
Intertalent AC Ltd
Filleted Unaudited Financial Statements
30 June 2024
Intertalent AC Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
179,606
243,764
Current assets
Debtors
6
782,899
1,020,034
Cash at bank and in hand
597,134
504,638
------------
------------
1,380,033
1,524,672
Creditors: amounts falling due within one year
7
621,060
768,256
------------
------------
Net current assets
758,973
756,416
---------
------------
Total assets less current liabilities
938,579
1,000,180
Creditors: amounts falling due after more than one year
8
71,312
121,823
Provisions
Taxation including deferred tax
16,412
30,398
---------
------------
Net assets
850,855
847,959
---------
------------
Capital and reserves
Called up share capital
80
80
Share premium account
29,988
29,988
Capital redemption reserve
1
1
Profit and loss account
820,786
817,890
---------
---------
Shareholders funds
850,855
847,959
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 30 June 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 .
Intertalent AC Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr AH Segal
Professor Jonathan Shalit OBE
Director
Director
Company registration number: 05350236
Intertalent AC Ltd
Notes to the Financial Statements
Year ended 30 June 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 33 Great Pulteney Street London W1F 9NP.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
Over the life of the lease
Fixtures and fittings
-
25% straight line
Office equipment
-
33% 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. 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 .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 12 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
User defined asset
Total
£
£
£
£
£
Cost
At 1 July 2023
167,749
83,637
42,541
11,269
305,196
Additions
2,105
4,229
6,334
---------
--------
--------
--------
---------
At 30 June 2024
167,749
85,742
46,770
11,269
311,530
---------
--------
--------
--------
---------
Depreciation
At 1 July 2023
18,266
20,909
22,257
61,432
Charge for the year
33,549
22,061
14,882
70,492
---------
--------
--------
--------
---------
At 30 June 2024
51,815
42,970
37,139
131,924
---------
--------
--------
--------
---------
Carrying amount
At 30 June 2024
115,934
42,772
9,631
11,269
179,606
---------
--------
--------
--------
---------
At 30 June 2023
149,483
62,728
20,284
11,269
243,764
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
616,282
824,110
Other debtors
166,617
195,924
---------
------------
782,899
1,020,034
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,338
50,059
Trade creditors
43,054
178,892
Amounts owed to group undertakings and undertakings in which the company has a participating interest
169,818
138,033
Corporation tax
27,738
4,781
Social security and other taxes
107,718
88,218
Other creditors
222,394
308,273
---------
---------
621,060
768,256
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
71,312
121,823
--------
---------
9. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
164,160
41,040
Later than 1 year and not later than 5 years
383,040
656,640
---------
---------
547,200
697,680
---------
---------
10. Directors' advances, credits and guarantees
During the year, no dividends were paid to a shareholder, in which one of the Companies directors is also a director of this company.
11. Related party transactions
Included in debtors amounts falling due within one year are loans to related companies of £616,282 (2022: £824,110). The loans are repayable on demand and interest free. Included in Creditors amounts falling due within one year are loans from related companies of £169,818 (2022: £138,033). The loans are repayable on demand and interest free. During the year the company recharged expenses and overheads amounts of £852,427 (2022: £499,197) to related companies. These expenses are recharged on an arms' length basis. During the year the company incurred management charges of £NIL (2022: £202,088). These charges were incurred on normal commercial terms.
12. Other spare note 95 heading