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Company No: 03614377 (England and Wales)

CITITEC TALENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CITITEC TALENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

CITITEC TALENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
CITITEC TALENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 45,377 182,903
Investments 4 45,668 45,668
91,045 228,571
Current assets
Debtors 5 1,595,698 1,908,353
Cash at bank and in hand 43,249 58,464
1,638,947 1,966,817
Creditors: amounts falling due within one year 6 ( 1,447,694) ( 2,032,551)
Net current assets/(liabilities) 191,253 (65,734)
Total assets less current liabilities 282,298 162,837
Creditors: amounts falling due after more than one year 7 ( 33,334) ( 115,634)
Provision for liabilities ( 7,000) ( 31,000)
Net assets 241,964 16,203
Capital and reserves
Called-up share capital 8 5,000 5,000
Profit and loss account 236,964 11,203
Total shareholder's funds 241,964 16,203

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cititec Talent Limited (registered number: 03614377) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S G Grant
Director

18 July 2025

CITITEC TALENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CITITEC TALENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cititec Talent Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Based on their review of the company's current and anticipated ongoing financial position the directors have reasonable expectation that the company will continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the opening rate ruling for the month in which the transaction occurred. All differences are taken to the statement of income.

Turnover

Turnover from permanent placements is recognised when a candidate accepts a position and a start date is determined. A provision is made for the cancellation of placements prior to or shortly after the commencement of employment based on a review of the subsequent period.

Turnover from temporary placements is recognised when the service has been provided.

All amounts exclude value added tax.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 2 - 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Leases

The company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Fixed asset investments

Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors and amounts due from related companies, 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.

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 the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 17 35

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 74,262 394,534 468,796
Additions 0 6,220 6,220
Disposals ( 74,262) ( 173,726) ( 247,988)
At 31 December 2024 0 227,028 227,028
Accumulated depreciation
At 01 January 2024 39,743 246,150 285,893
Charge for the financial year 34,519 75,786 110,305
Disposals ( 74,262) ( 140,285) ( 214,547)
At 31 December 2024 0 181,651 181,651
Net book value
At 31 December 2024 0 45,377 45,377
At 31 December 2023 34,519 148,384 182,903

4. Fixed asset investments

2024 2023
£ £
Other investments and loans 45,668 45,668

5. Debtors

2024 2023
£ £
Trade debtors 695,658 889,549
Amounts owed by parent undertakings 153,949 154,406
Prepayments 728,894 787,762
Other debtors 17,197 76,636
1,595,698 1,908,353

An invoice discounting facility was utilised in respect of trade receivables totalling £552,857 (2023 - £546,007).

The amount owed by parent undertakings are unsecured, provided interest free and repayable on demand.

Other receivables include amounts due from the directors of £1,088 (2023 - £6,449) respectively. These amounts are unsecured, provided interest free and are repayable on demand.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 295,513 563,249
Accruals 622,770 620,549
Corporation tax 108,000 11,251
Other taxation and social security 169,964 174,382
Other creditors 201,447 613,120
1,447,694 2,032,551

The bank loan is secured by a charge over the company's assets.

Within other creditors is £nil (2023 - £388,119) in relation to amounts payable under invoice discounting, which is secured over the company's trade receivables.

Also within other creditors is amounts due to the directors of £157,260 (2023 - £143,008). This amount is unsecured, provided interest free and payable on demand.

Hire purchase liabilities included within other creditors are secured by a charge over the related assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 33,334 83,334
Other creditors 0 32,300
33,334 115,634

The bank loan is secured by a charge over the company's assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000

The shares have attached to them full voting rights, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 98,796 469,866

10. Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

11. Ultimate controlling party

At the balance sheet date the company's parent company was Cititec Group Limited, incorporated in England and Wales, whose registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.