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Registered number: 02110920










TANGENT INTERNATIONAL GROUP LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TANGENT INTERNATIONAL GROUP LTD
 
 
COMPANY INFORMATION


Directors
L Smallbone 
W J Smallbone 
G A Slyfield (retired 31 October 2022)




Company secretary
TKB Registrars Ltd



Registered number
02110920



Registered office
11 Woodbrook Crescent

Billericay

Essex

CM12 0EQ




Solicitors
Osborne Clarke
One London Wall

London

EC2Y 5EB





 
TANGENT INTERNATIONAL GROUP LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditor's Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 38


 
TANGENT INTERNATIONAL GROUP LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their Strategic Report and financial statements for the year ended 31 March 2023.

Business review
 
The Group’s business remains the provision of high-quality recruitment services to a diverse and international client base by sourcing, vetting and placing candidates in contract and permanent roles as required.
Total revenues declined by 2.8% to £69m (2022: £71m) although the overall gross profit margin increased to 10.6% (2022: 9.6%). The pre-tax profits arising from normal trading activities decreased to £996,709 (2022: £1,306,055). The final Group pre-tax profit was £1,164,694 (2022: £1,322,153).
The period produced a small decline in revenue which can largely be attributed to a decision to dispense with certain lower margin business. This in turn helped to facilitate the increase in average gross margins as did an increased focus on Permanent Recruitment during the year. Market sentiment also had a negative impact on trading in some markets during the period.
Movement in revenues, gross margin (in both percentage and absolute terms) as well as net pre-tax profits remain the key performance indicators by which the directors measure progress of the Group’s business from one year to the next. 
Other factors influencing trading levels each year include the usual ongoing economic and political factors affecting key variables, further exacerbated by the fluctuating mix of the business, the cyclical nature of each generation of telecoms as well as the usual pressure from OEM customers with significant buying power. All of which is quite typical of the wider marketplace within which the Group operates. 
Currency exchange rates are influenced by factors outside of the Group’s control but a longstanding and prudent approach to managing the risks associated with trading in multiple currencies continues to serve the Group well. The cumulative impact of the annual gains or losses due to exchange rate movements continues to balance out or be a net positive over a number of years.
The average number of staff during the year was 75 (2022: 72) and is commensurate with the Group’s prudent approach to managing the business in the light of actual or anticipated trading conditions.
Inevitably the overall results for the 2022/23 year were disappointing after those recorded for the previous period, but are no means a major set-back considering all of the various factors that were at play and influencing trade around the World during that period.

Page 1

 
TANGENT INTERNATIONAL GROUP LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Strategy and future developments

As always, there are numerous issues outside of the Group’s control that can influence business strategy and development, particularly in international markets. Military conflict/wars, trade embargos and other disputes between major powers, geo-political issues and more recently higher interest rates are all examples of factors that impact market sentiment and actual business opportunities around the World and across numerous sectors.
A long-standing focus on creating and maintaining strong major client relationships, robust business policies and procedures and a firm emphasis on continual improvement have all served the Group well evidenced by a successful track record extending back over 40 years. Throughout its history, the Group has fostered and improved client relationships and will continue to do so. Despite the prevailing conditions, the Group continues to be successful in identifying new business opportunities and further strengthening client relationships as it continues to take steps to enhance future growth and profitability.
Other sectors and lines of business will be considered where it is judged that there are opportunities to further enhance the Group’s activities without detriment to the quality and volumes of service being provided to existing clients. 
Investments in staff and technology will also continue where appropriate for the benefit of the Group and its shareholders. In particular, a continued focus and ongoing investment in personnel and professional advice directed at ensuring its operations, both domestically and internationally, remain in compliance with all relevant legislation and business custom. Stifling levels of regulation and ambiguous and contradictory legislation remains a significant burden on business. 
The Directors are of the opinion that the Group remains well positioned to take advantage of existing business opportunities as well as gradual improvements in market conditions and expects the Group to be profitable in this next year.

Page 2

 
TANGENT INTERNATIONAL GROUP LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties
 
Whilst we are now fully in the post-pandemic period and ‘living with COVID’, the impact the pandemic had on countries, businesses and working practices across the World will undoubtably continue to be felt for many years.
This together with the impact of wars and other hostile activity in certain parts of the World as well as the more recent trend towards higher bank interest rates will inevitably have an impact in a both a practical sense and generally influencing market sentiment.
With Tangent’s worldwide trade portfolio, fluctuations in exchange rates are always a variable which can impact the results for any particular period. However, the overall risk is mitigated by the Group’s policy of paying, wherever possible, all direct costs relating to a contract in the same currency as that in which the revenue is invoiced.
Additionally, the longstanding tight financial controls and robust finances also continue to stand the Group in good stead during these difficult times.
An ongoing priority emphasis is placed on ensuring that compliance, credit and debtor control and cash flow are all managed such that sufficient liquid resources are always available to meet the needs of the business. The results of this are evident in the fact that the Group continues to operate well within its available funding facilities.
Additional factors fundamental to the ongoing development of the group are the normal risks facing any such business, namely the continued stability of existing relationships with major clients, development and retention of new clients, the ready availability of technical resources throughout the various market places and the retention of existing and recruitment of additional key personnel to manage and develop the business.
All of this will make planning for the future as challenging as ever.
In summary, the Directors recognise that a very close watch must be maintained on all aspects of the Group’s business and will take appropriate action in the light of prevailing or anticipated circumstances. Meanwhile the executive management team are fully engaged in their endeavours to improve the progress and future profitability of the business.

Page 3

 
TANGENT INTERNATIONAL GROUP LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors are aware of their responsibilities to act in a way which they consider in good faith would be most likely to promote the success of the business for the benefit of its members as a whole. 
Tangent is a people business and the directors recognise that fostering good relations with its employees, customers, suppliers, partners and others is essential to the ongoing success of the business and this activity forms an ongoing and vital part of day-to-day operations.
Corporate social responsibility and sustainability (CSR) is a crucial component in the Group’s success and is a core value of Tangent. The aim is to achieve a positive impact within the Tangent community and across society whilst maximising shared value for Tangent’s shareholders, employees, clients, suppliers and other stakeholders. Tangent’s CSR program is also designed to help reduce costs and increase productivity, whilst having full regard for employee’s well-being. 
Tangent’s CSR program is led by the company but encourages participation from all and includes policies and procedures whose purposes is to integrate social, environmental, ethical, human rights and customer concerns into its business operations and core strategy. As part of this, an ongoing two-way dialogue is maintained with all employees who are also regularly encouraged to submit ideas and suggestions (anonymously if they wish) that will contribute to the drive for constant improvement.
These core values and policies together with the impact on the short, medium and longer-term interests of the company and all its stakeholders are central to the Director’s strategic decision-making process. All key decisions taken during the year were therefore made within that framework.


This report was approved by the Board and signed on its behalf.



................................................
W J Smallbone
Director
Date: 10 October 2023

Page 4

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activities of the Group during the year were the provision of speciality staffing services to the telecommunications and information technology sectors as well as recruitment services to a range of other businesses. The provision of services to domestic and internationally based clients are managed by the Group’s main UK operating company and its overseas subsidiaries and branches as appropriate.
The principle activity of the Company during the year was that of a group holding company.

Results and dividends

The profit for the year, after taxation, amounted to £908,086 (2022 - £1,038,230).

The dividends paid in the year, including those proposed and approved at the year-end but not yet paid, are disclosed in note 12. 

Directors

The Directors who served during the year were:

L Smallbone 
W J Smallbone 
G A Slyfield (retired 31 October 2022)

Directors' Responsibilities Statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Qualifying third party indemnity provisions

Qualifying third party indemnity provision is in place for the benefit of all directors of the Company and Group companies. These provisions remain in force at the reporting date.

Matters covered in the Group Strategic Report

In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report:
 
Business review
Principal risks and uncertainties
Future developments

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post Balance Sheet events

There have been no significant events affecting the Group since the year end.

Auditor

Due to an independence threat on a new system, RSM resigned as auditors following the year ended 31 March 2022 financial statement finalisation.
Following a rebranding exercise on 15 May 2023 the trading name of the Company’s independent auditor changed from MHA MacIntyre Hudson to MHA. The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf.
 





................................................
W J Smallbone
Director
Date: 10 October 2023

Page 6

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD
 

Opinion


We have audited the financial statements of Tangent International Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation and claims;
Enquiry of staff to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 9

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Colchester, United Kingdom

20 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 10

 
TANGENT INTERNATIONAL GROUP LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
68,989,968
70,992,293

Cost of sales
  
(61,666,312)
(64,163,926)

Gross profit
  
7,323,656
6,828,367

Administrative expenses
  
(5,970,859)
(5,414,379)

Operating profit
 5 
1,352,797
1,413,988

Interest receivable and similar income
 9 
247
524

Interest payable and similar expenses
 10 
(188,350)
(92,359)

Profit before taxation
  
1,164,694
1,322,153

Tax on profit
 11 
(256,608)
(283,923)

Profit for the financial year
  
908,086
1,038,230

Other comprehensive income
  

Currency translation differences
  
20,671
8,860

Total comprehensive income for the year
  
928,757
1,047,090

Profit for the year attributable to:
  

Owners of the parent Company
  
908,086
1,038,230

  
908,086
1,038,230

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
928,757
1,047,090

  
928,757
1,047,090

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
TANGENT INTERNATIONAL GROUP LTD
REGISTERED NUMBER: 02110920

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
200,932
165,162

 
Current assets
  

Debtors: amounts falling due within one year
 15 
15,961,947
18,424,217

Cash at bank and in hand
 16 
1,816,222
1,767,231

  
17,778,169
20,191,448

Creditors: amounts falling due within one year
 17 
(12,588,912)
(14,806,395)

Net current assets
  
 
 
5,189,257
 
 
5,385,053

Total assets less current liabilities
  
5,390,189
5,550,215

Creditors: amounts falling due after more than one year
 18 
(53,923)
(17,968)

 
Provisions for liabilities
  

Deferred taxation
 20 
(36,120)
(22,632)

Net assets
  
5,300,146
5,509,615


Capital and reserves
  

Called up share capital 
 21 
1,040,350
1,040,350

Share premium account
 22 
24,210
24,210

Merger reserve
 22 
41,652
41,652

Profit and loss account
 22 
4,193,934
4,403,403

  
5,300,146
5,509,615


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
W J Smallbone
Director
Date: 10 October 2023

The notes on pages 19 to 38 form part of these financial statements.

Page 12

 
TANGENT INTERNATIONAL GROUP LTD
REGISTERED NUMBER: 02110920

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 14 
775,590
751,258

Debtors: amounts falling due after more than one year
 15 
335,000
-

  
1,110,590
751,258

Debtors: amounts falling due within one year
 15 
107,579
104,179

Cash at bank and in hand
 16 
1,791
361,409

  
109,370
465,588

Creditors: amounts falling due within one year
 17 
(133,580)
(130,366)

Net current (liabilities)/assets
  
 
 
(24,210)
 
 
335,222

Net assets
  
1,086,380
1,086,480


Capital and reserves
  

Called up share capital 
 21 
1,040,350
1,040,350

Share premium account
 22 
24,210
24,210

Profit and loss account
 22 
21,820
21,920

  
1,086,380
1,086,480


As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes as it prepares group accounts. The Company's profit for the year and total comprehensive income, including dividends received for the year was £1,138,569 (2022: £415,518).
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 


................................................
W J Smallbone
Director

Date: 10 October 2023

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 

 
TANGENT INTERNATIONAL GROUP LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2021
1,040,350
24,210
41,652
3,773,029
4,879,241



Comprehensive income for the year


Profit for the year
-
-
-
1,038,230
1,038,230


Currency translation differences
-
-
-
8,860
8,860

Total comprehensive income for the year
-
-
-
1,047,090
1,047,090



Transactions with owners


Dividends: Equity capital
-
-
-
(416,716)
(416,716)





At 1 April 2022
1,040,350
24,210
41,652
4,403,403
5,509,615



Comprehensive income for the year


Profit for the year
-
-
-
908,086
908,086


Currency translation differences
-
-
-
20,671
20,671

Total comprehensive income for the year
-
-
-
928,757
928,757



Transactions with owners


Dividends: Equity capital
-
-
-
(1,138,226)
(1,138,226)



At 31 March 2023
1,040,350
24,210
41,652
4,193,934
5,300,146



Page 14

 

 
TANGENT INTERNATIONAL GROUP LTD


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
TANGENT INTERNATIONAL GROUP LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
1,040,350
24,210
23,118
1,087,678


Comprehensive income for the year

Loss for the year
-
-
(1,198)
(1,198)

Dividends receivable
-
-
416,716
416,716
Total comprehensive income for the year
-
-
415,518
415,518


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(416,716)
(416,716)



At 1 April 2022
1,040,350
24,210
21,920
1,086,480


Comprehensive income for the year

Loss for the year
-
-
(100)
(100)

Dividends receivable
-
-
1,138,226
1,138,226
Total comprehensive income for the year
-
-
1,138,126
1,138,126


Transactions with owners

Dividends: Equity capital
-
-
(1,138,226)
(1,138,226)


At 31 March 2023
1,040,350
24,210
21,820
1,086,380


The notes on pages 19 to 38 form part of these financial statements.

Page 16

 
TANGENT INTERNATIONAL GROUP LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
908,086
1,038,230

Adjustments for:

Depreciation of tangible assets
51,553
71,155

Interest paid
188,350
92,359

Interest received
(247)
(524)

Taxation charge
256,608
283,923

Decrease/(increase) in debtors
2,513,394
(2,920,324)

(Decrease)/increase in creditors
(507,869)
662,900

Corporation tax (paid)
(468,690)
(32,647)

Foreign exchange on retranslation of overseas operations
20,671
8,860

Net cash generated from operating activities

2,961,856
(796,068)

Cash flows from investing activities

Purchase of tangible fixed assets
(2,413)
(6,185)

Interest received
247
524

Net cash from investing activities

(2,166)
(5,661)

Cash flows from financing activities

Repayment of finance leases
(33,765)
(31,810)

Dividends paid
(1,134,226)
(416,644)

Interest paid
(188,350)
(92,359)

Net cash used in financing activities
(1,356,341)
(540,813)

Net increase/(decrease) in cash and cash equivalents
1,603,349
(1,342,542)

Cash and cash equivalents at beginning of year
(5,336,199)
(3,993,657)

Cash and cash equivalents at the end of year
(3,732,850)
(5,336,199)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,816,222
1,767,231

Other finance creditors
(5,549,072)
(7,103,430)

(3,732,850)
(5,336,199)


The notes on pages 19 to 38 form part of these financial statements.

Page 17

 
TANGENT INTERNATIONAL GROUP LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

1,767,231

48,991

1,816,222

Other finance creditors

(7,103,430)

1,554,358

(5,549,072)

Debt due within 1 year

(14,647)

(884)

(15,531)

Finance leases

(41,256)

(51,145)

(92,401)


(5,392,102)
1,551,320
(3,840,782)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Tangent International Group Ltd ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office and principal place of business is 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ.
The Group consists of Tangent International Group Ltd and all of its subsidiaries.
The Group's principal activities and nature of operations continued to be the provision of speciality staffing services to the telecommunications and information technology sectors as well as recruitment services to a range of other businesses. The Company's principal activity and nature of operations continued to be that of a group holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
These financial statements are rounded to the nearest pound.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The merger method of accounting is applied to group reconstructions as if the entities had always been combined. The total comprehensive income, assets and liabilities of the entities are amended, where necessary to align the accounting policies. The carrying values of the entities' assets and liabilities are not adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of consideration and the nominal value of shares received is taken to other reserves in equity.

Page 19

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Great British Pounds ("GBP").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover derived from contract services is recognised as the work is performed. Permanent placement fees are recognised as the contractual obligations are fulfilled.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 20

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Group as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 - 10 years straight line
Computer equipment
-
3 - 7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 23

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim and Final dividends are recognised at the earlier of payment or approval date, approved but unpaid Dividends as at the end of each financial year are accrued.

Page 24

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's and company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements and estimates
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Useful lives of property, plant and equipment
The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of the group's assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.
Recognition of provisions
The Group and/or Company have recognised provisions in their financial statements, which requires management to make judgements for:
 
impairment of trade receivables
recoverability of intercompany balances

The judgements, estimates and associated assumptions necessary to assess the recoverability of these balances are based on historical experience and other reasonable factors.

Page 25

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Staffing & recruitment services
68,989,968
70,992,293

68,989,968
70,992,293


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,522,921
5,169,493

Rest of Europe
3,982,161
6,993,238

Rest of the world
61,484,886
58,829,562

68,989,968
70,992,293



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
22,618
57,130

Depreciation of tangible fixed assets held under finance leases
28,935
14,025

Profit on foreign exchange
(167,985)
(16,098)

Other operating lease rentals
186,007
131,268

Page 26

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Audit of the Group's financial statements
37,500
35,290

Audit of the Company's financial statements
4,000
3,750

Total audit services
41,500
39,040


Financial reporting services
5,000
6,525

Taxation compliance services
4,250
5,640

All other non-audit services
-
1,782

Total other services
9,250
13,947



7.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,768,390
3,401,914

Social security costs
416,160
361,597

Cost of defined contribution scheme
103,580
98,373

4,288,130
3,861,884


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration and management
40
37



Resource and technical
35
35

75
72

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - NIL).
Page 27

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
7,212
12,363

7,212
12,363


During the year retirement benefits were accruing to no Directors (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
247
524

247
524


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
186,477
91,398

Interest on finance leases and hire purchase contracts
1,873
961

188,350
92,359

Page 28

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
172,304
240,621

Adjustments in respect of previous periods
(2,769)
41

169,535
240,662

Foreign tax


Foreign tax on income for the year
73,585
43,067

Total current tax
243,120
283,729

Deferred tax


Origination and reversal of timing differences
7,483
(6,892)

Changes to tax rates
2,363
7,086

Prior year adjustment
3,642
-

Total deferred tax
13,488
194


Tax on profit
256,608
283,923
Page 29

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,164,694
1,322,153


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
221,292
251,209

Effects of:


Expenses not deductible for tax purposes
3,733
1,592

Fixed asset differences
-
(1,200)

Adjustments to tax charge in respect of prior periods
874
41

Change in tax rates
2,363
7,086

Other tax adjustments
-
25,195

Foreign tax including withholding tax
32,503
-

Other tax adjustments
821
-

Tax incentives
(4,978)
-

Total tax charge for the year
256,608
283,923


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and will take effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.

Page 30

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Dividends

2023
2022
£
£

Ordinary


Interim paid
442,579
312,537

Final proposed and approved
695,647
104,179

1,138,226
416,716

Included within other creditors is an amount of £107,579 (2022 - £104,179) which the Company is liable to pay at the balance sheet date.


13.


Tangible fixed assets

Group






Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 April 2022
337,148
398,985
736,133


Additions
673
86,650
87,323


Exchange adjustments
(11)
(27)
(38)



At 31 March 2023

337,810
485,608
823,418



Depreciation


At 1 April 2022
289,940
281,031
570,971


Charge for the year on owned assets
14,136
8,482
22,618


Charge for the year on financed assets
-
28,935
28,935


Exchange adjustments
(11)
(27)
(38)



At 31 March 2023

304,065
318,421
622,486



Net book value



At 31 March 2023
33,745
167,187
200,932



At 31 March 2022
47,208
117,954
165,162

Page 31

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Computer equipment
133,990
78,015

133,990
78,015

Page 32

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2022
751,258


Additions
24,332



At 31 March 2023
775,590





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Tangent International Limited (including its branch in the United Arab Emirates)
1
Ordinary
100%
Tangent Resources Limited *
1
Ordinary
100%
MCG Computer Solutions Limited *
1
Ordinary
100%
MCG Accountancy Solutions Limited  *
1
Ordinary
100%
Tangent International Pty Limited
2
Ordinary
100%
Tanintco, Inc.
3
Ordinary
100%
Tangent International (France) Sas
4
Ordinary
100%
Tangent International Arabia Telecom Company
5
Ordinary
100%

Registered offices
 
1.Swan House, 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ, United Kingdom
2.Level 14, 60 Margaret Street, Sydney, NSW 2000, Australia
3.5465 Legacy Drive, Suite 650, Plano, Texas 75024, USA
4.29 rue du Pont, 92200 Neuilly-sur-Seine, France
5.Neo Center - Office #7, 4794 Al Imam Saud Bin Faisal Rd,  Al Sahafah Dist. 6983,  13321 Riyadh,  Saudi Arabia

* Subsidiary was dormant during the year.

Page 33

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Tangent International Limited (including its branch in the United Arab Emirates)
4,584,413
767,420

Tangent Resources Limited *
36,914
-

MCG Computer Solutions Limited *
(76,282)
-

MCG Accountancy Solutions Limited  *
(11,507)
-

Tangent International Pty Limited
(5,452)
-

Tanintco, Inc.
35,949
(45,017)

Tangent International (France) Sas
364,516
248,611

Tangent International Arabia Telecom Company
(40,105)
(62,881)


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts due after 1 year

Other debtors
-
-
335,000
-

-
-
335,000
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts due within 1 year

Trade debtors
9,827,347
11,449,319
-
-

Other debtors
318,340
389,953
107,579
104,179

Prepayments and accrued income
5,816,260
6,584,945
-
-

15,961,947
18,424,217
107,579
104,179


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TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,816,222
1,767,231
1,791
361,409

Other finance creditors
(5,549,072)
(7,103,430)
-
-

(3,732,850)
(5,336,199)
1,791
361,409


The amounts shown as other finance creditors are secured primarily on the trade debtors of the Group and secondly by a fixed and floating charge over the assets of the Company and its subsidiaries.


17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other finance creditors
5,549,072
7,103,430
-
-

Trade creditors
478,984
389,919
-
-

Amounts owed to group undertakings
-
-
16,707
11,534

Corporation tax
82,703
255,802
443
2,726

Other taxation and social security
32,826
19,742
-
-

Obligations under finance leases
38,478
23,288
-
-

Other creditors
121,192
118,826
107,579
104,179

Accruals and deferred income
6,285,657
6,895,388
8,851
11,927

12,588,912
14,806,395
133,580
130,366


Obligations under finance leases are secured against the assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Obligations under finance leases
53,923
17,968

53,923
17,968


Obligations under finance leases are secured against the assets to which they relate.

Page 35

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Finance lease obligatons


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within 1 year
38,478
24,047

Between 1-5 years
53,923
17,968

92,401
42,015

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
22,632
22,438


Charged to profit or loss
13,488
194



At end of year
36,120
22,632

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
46,332
36,586

Tax losses carried forward
(10,212)
(13,954)

36,120
22,632

Page 36

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,403,500 (2022 - 10,403,500) Ordinary shares of £0.10 each
1,040,350
1,040,350

All shares issued are non-redeemable and rank equally in terms of:
a) Voting rights;
b) Right to participate in all approved dividend distributions for that class of share; and
c) Right to participate in any capital distribution on winding up.



22.


Reserves

Share premium account

The share premium reserve represents the consideration received for shares issued above their nominal value.

Merger reserve

The merger reserve represents the reserves difference on the merger of subsidiaries.

Profit and loss account

The profit and loss reserve represents cumulative profit and loss net of distributions to owners.


23.


Pension commitments

The Group operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the group in an independently administered fund. The contributions payable by the Group charged to profit or loss amounted to £103,580 (2022: £98,373). Contributions totalling £14,424 (2022: £13,495) were payable to the fund at the year end and are included in creditors.


24.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
181,234
176,958

Later than 1 year and not later than 5 years
485,214
641,616

666,448
818,574
Page 37

 
TANGENT INTERNATIONAL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Related party transactions

The remuneration of key management personnel, who are also Directors of Group companies, is as follows:


2023
2022
£
£

Aggregate compensation
934,653
902,702
934,653
902,702


26.


Controlling party

The Company is controlled by its Directors by virtue of their shareholdings.


27.


Transactions with Directors

During the year dividends totaling £1,063,277 (2022: £395,703) were payable to the Directors.

 
Page 38