Registration number:
CS Executive Talent Limited
for the Year Ended 31 July 2021
CS Executive Talent Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
CS Executive Talent Limited
(Registration number: 09015306)
Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders' (deficit)/funds |
( |
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For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
CS Executive Talent Limited
(Registration number: 09015306)
Balance Sheet as at 31 July 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company's balance sheet at 31 July 2021 shows liabilities exceed assets by £126,778 (2020 - assets exceed liabilities by £93,641). At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the ongoing Covid-19 pandemic. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Government grants
Government grants comprise the fair value of consideration received or receivable in respect to government provided funding to the entity.
Government grants have been recognised in line with the Accruals model where grants relating to revenue have been recognised as other income on a systematic basis over the periods in which the entity has recognised related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% straight line |
Plant and machinery |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2020 |
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Additions |
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- |
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At 31 July 2021 |
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Depreciation |
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At 1 August 2020 |
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Charge for the year |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed to related parties |
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Other debtors |
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Prepayments and accrued income |
5,766 |
72,663 |
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Total current trade and other debtors |
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Included in trade debtors is £127,680 (2020: £127,180) held under a factoring agreement and £95,345 has been drawn down as is shown in other creditors (2020: £92,841 is included within cash at bank and in hand as amounts owed from the financer). Factoring advances are secured by a charge over the book debts of the company
Creditors |
Due within one year |
Note |
2021 |
2020 |
Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
- |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Corporation tax liability |
5,919 |
34,800 |
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Due after one year |
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Loans and borrowings |
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The bank has a fixed and floating charge over all the property or undertaking of the company.
CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Finance lease liabilities |
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Other borrowings |
- |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Finance lease liabilities |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of financial commitments not included in the balance sheet concerning pensions is £2,057 (2020 - £1,181).
Related party transactions |
Loans to related parties
2021 |
Key management |
Other related parties |
Total |
At start of period |
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- |
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Advanced |
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Repaid |
( |
- |
( |
At end of period |
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CS Executive Talent Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
2020 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties
Amounts owed from other related parties are interest free and repayable on demand.
Loans from related parties
2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
- |
- |
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2020 |
Other related parties |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties