Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
COMPANY INFORMATION
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TANGENT INTERNATIONAL GROUP LTD
CONTENTS
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TANGENT INTERNATIONAL GROUP LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their Strategic Report and financial statements for the year ended 31 March 2023.
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.
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TANGENT INTERNATIONAL GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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TANGENT INTERNATIONAL GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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TANGENT INTERNATIONAL GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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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.
The principle activity of the Company during the year was that of a group holding company.
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.
The Directors who served during the year were:
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 2006. They 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.
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TANGENT INTERNATIONAL GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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
There have been no significant events affecting the Group since the year end.
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, MHA, will 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.
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TANGENT INTERNATIONAL GROUP LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD
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 policies. The 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).
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.
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.
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TANGENT INTERNATIONAL GROUP LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
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.
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.
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.
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TANGENT INTERNATIONAL GROUP LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
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.
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TANGENT INTERNATIONAL GROUP LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditor
Colchester, United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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TANGENT INTERNATIONAL GROUP LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
REGISTERED NUMBER: 02110920
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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TANGENT INTERNATIONAL GROUP LTD
REGISTERED NUMBER: 02110920
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
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:
The notes on pages 19 to 38 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
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:
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.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover derived from contract services is recognised as the work is performed. Permanent placement fees are recognised as the contractual obligations are fulfilled.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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:
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.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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:
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Analysis of turnover by country of destination:
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.Taxation (continued)
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.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 31
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.Tangible fixed assets (continued)
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 33
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Subsidiary undertakings (continued)
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Obligations under finance leases are secured against the assets to which they relate.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 36
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Share premium account
Merger reserve
Profit and loss account
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.
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TANGENT INTERNATIONAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company is controlled by its Directors by virtue of their shareholdings.
During the year dividends totaling £1,063,277 (2022: £395,703) were payable to the Directors.
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