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

BARMAR SERVICING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09576990

Accelerate Talent Limited

Filleted Unaudited Financial Statements

31 March 2021

Accelerate Talent Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Accelerate Talent Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		–	1,523

Current assets

Debtors	6	286,889	476,200
Cash at bank and in hand		15,723	82,629
		---------	---------
		302,612	558,829

Creditors: amounts falling due within one year	7	515,278		792,810
		---------		---------
Net current liabilities			212,666	233,981
			---------	---------
Total assets less current liabilities			( 212,666)	( 232,458)

Provisions

Taxation including deferred tax	–	710
	---------	---------
Net liabilities	( 212,666)	( 233,168)
	---------	---------

Capital and reserves

Called up share capital	200	200
Share premium account	3,781	3,781
Profit and loss account	( 216,647)	( 237,149)
	---------	---------
Shareholders deficit	( 212,666)	( 233,168)
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2021 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 .

Accelerate Talent Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 31 March 2022 , and are signed on behalf of the board by:

Mr M Bithal

Director

Company registration number: 09576990

Accelerate Talent Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scale Space, 58 Wood Lane, London, W12 7RZ, United Kingdom.

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.

Going concern

The financial statements have been prepared on a going concern basis as the shareholders will support the company to ensure that its debts are paid as they fall due for at least 12 months from the date of signing the accounts.

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.

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.

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:

	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.

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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 3 (2020: 5 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2020	5,260	5,260
Disposals	( 3,360)	( 3,360)
	-------	-------
At 31 March 2021	1,900	1,900
	-------	-------
Depreciation
At 1 April 2020	3,737	3,737
Charge for the year	543	543
Disposals	( 2,380)	( 2,380)
	-------	-------
At 31 March 2021	1,900	1,900
	-------	-------
Carrying amount
At 31 March 2021	–	–
	-------	-------
At 31 March 2020	1,523	1,523
	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	226,889	291,554
Other debtors	60,000	184,646
	---------	---------
	286,889	476,200
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	394,738	610,707
Social security and other taxes	8,930	11,969
Other creditors	111,610	170,134
	---------	---------
	515,278	792,810
	---------	---------

8. Related party transactions

At the year end the company had trade debtors and creditors of £226,888 (2020: £254,054) and £395,343 (2020: £610,710) respectively with companies related by virtue of common control and Directorship. At the year end the company had loan debtors and creditors of £60,000 (2020: £90,184) and £110,287 (2020: £140,471) respectively with companies related by virtue of common control and Directorship.