Intertalent Ltd Filleted accounts for Companies House (small and micro)

INTERTALENT AC LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05350236

Intertalent Ltd

Filleted Unaudited Financial Statements

30 June 2020

Intertalent Ltd

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		49,242	15,371

Current assets

Debtors	6	141,339	46,171
Cash at bank and in hand		749,042	441,383
		---------	---------
		890,381	487,554

Creditors: amounts falling due within one year	7	635,289		436,383
		---------		---------
Net current assets			255,092	51,171
			---------	--------
Total assets less current liabilities			304,334	66,542

Provisions

Taxation including deferred tax	656	1,231
	---------	--------
Net assets	303,678	65,311
	---------	--------

Capital and reserves

Called up share capital	19	20
Capital redemption reserve	1	–
Profit and loss account	303,658	65,291
	---------	--------
Shareholders funds	303,678	65,311
	---------	--------

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 2020 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 Ltd

Statement of Financial Position (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 17 December 2020 , and are signed on behalf of the board by:

O Thomson	Mr AH Segal
Director	Director

Professor Jonathan Shalit OBE	Mr A Vallance
Director	Director

Company registration number: 05350236

Intertalent Ltd

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Intertalent House, 46 Charlotte Street, London W1T 2GS. The company changed its name to Intertalent (AC) Limted from Cole Kitchenn Personal Management Limited.

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% reducing balance
Office equipment	-	33% reducing balance

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 12 (2019: 11 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 July 2019	8,110	44,621	50,246	102,977
Additions	46,577	5,120	5,069	56,766
Disposals	( 8,110)	( 44,621)	–	( 52,731)
	--------	--------	--------	---------
At 30 June 2020	46,577	5,120	55,315	107,012
	--------	--------	--------	---------
Depreciation
At 1 July 2019	5,671	38,769	43,166	87,606
Charge for the year	9,315	1,280	4,009	14,604
Disposals	( 5,671)	( 38,769)	–	( 44,440)
	--------	--------	--------	---------
At 30 June 2020	9,315	1,280	47,175	57,770
	--------	--------	--------	---------
Carrying amount
At 30 June 2020	37,262	3,840	8,140	49,242
	--------	--------	--------	---------
At 30 June 2019	2,439	5,852	7,080	15,371
	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	–	200
Amounts owed by group undertakings and undertakings in which the company has a participating interest	72,822	7,625
Other debtors	68,517	38,346
	---------	--------
	141,339	46,171
	---------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	69,251	15,547
Amounts owed to group undertakings and undertakings in which the company has a participating interest	44,752	37,586
Corporation tax	130,440	50,023
Social security and other taxes	88,398	92,142
Other creditors	302,448	241,085
	---------	---------
	635,289	436,383
	---------	---------

8. Operating leases

As lessor

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

	2020	2019
	£	£
Not later than 1 year	59,000	–
Later than 1 year and not later than 5 years	213,875	–
Later than 5 years	7,375	–
	---------	----
	280,250	–
	---------	----

9. Directors' advances, credits and guarantees

During the year the company paid dividends of £63,750 (2019: £NIL) to Warbeck Holding Limited, which is owned by Professor Jonathan Shalit OBE , who is a director of the company.

10. Related party transactions

Professor Jonathan Shalit OBE , a director, controls the company by virtue of a controlling interest of 90% of the issued share capital through Warbeck Holdings Limited of which Professor Jonathan Shalit OBE owns the entire issued share capital. Warbeck Holdings Limited owns 100% of the issued share capital of Intertalent Rights Limited, and Intertalent Music Limited, and 100% of the share capital of Intertalent (CKP) Limited, ((and Intertalent Comedy Ltd and Intertalent Sports Ltd )): 70% of the share capital of Intertalent Comedy 2 Ltd formerly ROAR Comedy 2 Limited: and 50% of the share captital of Chosen Music Ltd. During the year Warbeck Holdings Limited invoiced Intertalent (AC) Limited, management charges totalling £132,374 of which £24,587 was outstanding at the year end (2019: £132,219 of which £39,760 was outstanding at the year end). Intertalent Rights Limited, supplied office overheads, including rent recharges, to the Intertalent (AC) Limited in the year amounting to £14,829 of which £14,829 was outstanding at the year end (2019: £92,349 of which £951 was outstanding at the year end). All transactions are carried out on normal commercial terms. Intertalent (AC) Limited supplied office services to Intertalent Rights Limited in the year amounting to £60,684 of which £60,684 was outstanding at the year end (2019: £9,060 of which £1,476 was outstanding at the year end). Intertalent (AC) Limited supplied office services to Intertalent Music Limited, in the year amounting to £NIL of which £NIL remained outstanding at the year end (2019: £4,080 of which £5,278 was outstanding at the year end). Intertalent (AC) Limited also invoiced for shared commission costs of NIL (2019: £2,403) Intertalent Music Limited raised invoices for shared costs to Intertalent (AC) Limited for £NIL of which £NIL remained outstanding at the year end( 2019: £989 of which £874 remained outstanding at the year end). Intertalent (AC) Limited supplied office service to Intertalent (CKP) Limited in the year amounting to £NIL of which £NIL remained outstanding at the year end (2019: £7,603 of which £871 was outstanding at the year end). Intertalent (CKP) Limited invoiced Intertalent (AC) Limited £NIL for shared client costs (2019 £192) and £NIL for shared commissions (2019: £2,522) of which £NIL was outstanding at the year end (2019: £NIL).

11. Post balance sheet events

The directors have considered the effect of the Covid-19 outbreak, which has been spreading throughout the world in early 2020, on the company's activities. The outbreak is likely to cause significant disruption to the to the company's income and continuing activities but at the date of the approval of these financial statements, the extent and quantum of the disruption remains uncertain.

12. Going concern

As stated in the post balance sheet events note, the directors have considered the effect of the Covid-19 outbreak. The directors consider that the outbreak is likely to casue significant disruption to the company's activities yet are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expection that the company has adequate resources to continue in operation for the foreseeable future.