Preos Talent Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12052810

PREOS TALENT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

PREOS TALENT LIMITED

BALANCE SHEET

28 February 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	33,805	57,855
Tangible assets	6	30,233	46,128
		-------	--------
		64,038	103,983

Current assets

Debtors	7	727,375	505,092
Cash at bank and in hand		49,272	85,748
		--------	--------
		776,647	590,840

Creditors: amounts falling due within one year	8	1,836,289		1,468,032
		-----------		-----------
Net current liabilities			1,059,642		877,192
			-----------		--------
Total assets less current liabilities			( 995,604)		( 773,209)
			--------		--------
Net liabilities			( 995,604)		( 773,209)
			--------		--------

Capital and reserves

Called up share capital	9	255	255
Share premium account		99,955	99,955
Capital redemption reserve		45	45
Profit and loss account		( 1,095,859)	( 873,464)
		-----------	--------
Shareholders deficit		( 995,604)	( 773,209)
		-----------	--------

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 28 February 2025 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)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , 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 28 FEBRUARY 2025

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 21 (2024: 26 ).

5. Intangible assets

	Development costs	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 March 2024 and 28 February 2025	72,150	9,755	81,905
	-------	------	-------
Amortisation
At 1 March 2024	24,050	–	24,050
Charge for the year	24,050	–	24,050
	-------	------	-------
At 28 February 2025	48,100	–	48,100
	-------	------	-------
Carrying amount
At 28 February 2025	24,050	9,755	33,805
	-------	------	-------
At 29 February 2024	48,100	9,755	57,855
	-------	------	-------

6. Tangible assets

	Short leasehold property	Equipment	Total
	£	£	£
Cost
At 1 March 2024	28,692	56,673	85,365
Additions	–	1,334	1,334
	-------	-------	-------
At 28 February 2025	28,692	58,007	86,699
	-------	-------	-------
Depreciation
At 1 March 2024	15,757	23,480	39,237
Charge for the year	5,739	11,490	17,229
	-------	-------	-------
At 28 February 2025	21,496	34,970	56,466
	-------	-------	-------
Carrying amount
At 28 February 2025	7,196	23,037	30,233
	-------	-------	-------
At 29 February 2024	12,935	33,193	46,128
	-------	-------	-------

7. Debtors

	2025	2024
	£	£
Trade debtors	637,979	421,708
Amounts owed by group undertakings and undertakings in which the company has a participating interest	37,216	–
Other debtors	52,180	83,384
	--------	--------
	727,375	505,092
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	298,050	808,121
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,013,742	–
Social security and other taxes	72,079	149,517
Other creditors	452,418	510,394
	-----------	-----------
	1,836,289	1,468,032
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 0.01 each	25,500	255	25,500	255
	-------	----	-------	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	19,500	22,447
Later than 1 year and not later than 5 years	21,125	22,667
	-------	-------
	40,625	45,114
	-------	-------

11. Controlling party

The ultimate and immediate parent company is Change Associates Holdings Limited, a company incorporated and registered in England.